Kuwait Food Company’s (Americana) Board of Directors (BoD) has agreed to allow an investment firm to undertake due diligence within 60 days for the acquisition of a controlling stake in the company, according to a company announcement. Earlier last week, Americana Group’s largest shareholder Al Khair National Co. (a vehicle owned by the Al Kharafi family) signed a preliminary agreement to sell its 69% stake in the company to UAE-based Adeptio led by Mohammed Al Abbar (the Chairman of Emaar Group). The agreement with Al Khair stipulated that if the deal goes through, the buyer must submit a mandatory tender offer for 100% of the shares of Americana and other conditions including the approval of regulatory authorities and franchisors of key fast food brands under Americana. The potential deal valued Americana  at USD4bn (KWD3.0/share, c50% above the current market price), according to Egyptian newspaper Al Alam Al Youm. (Reuters, Al Alam Al Youm)