Abu Dhabi sovereign investor L’IMAD moves to acquire up to 100% of AD Ports Group
Dubai: L’IMAD, a sovereign investor of the Government of Abu Dhabi, has announced its intention to make a voluntary conditional cash offer to acquire up to 100% of the issued and paid-up share capital of AD Ports Group. The proposed transaction will be made through L’IMAD’s wholly owned subsidiary Abu Dhabi Developmental Holding Company, ADQ, which already owns 75.42% of AD Ports Group. The offer…
Dubai: L’IMAD, the Abu Dhabi government’s sovereign investor, has revealed plans to make a voluntary, conditional cash offer to acquire up to 100% of AD Ports Group. Through its subsidiary ADQ, which currently holds 75.42% of the group, L’IMAD aims to take full ownership of the company if the offer is accepted. The proposed cash offer price stands at Dh6.25 per share, marking a 23% premium over AD Ports Group’s most recent closing price of Dh5.10.
This offer also exceeds the company’s one-month volume weighted average price of Dh5.02 and three-month VWAP of Dh4.76 by 25% and 31%, respectively. Over the past year, the offer’s premium to the Dh3.20 per-share subscription price set before AD Ports Group’s listing on the Abu Dhabi Securities Exchange in February 2022 has grown to 95%.
The acquisition is currently pending regulatory approvals, with the complete terms and conditions, as well as the timeline, to be detailed in an offer document that AD Ports Group plans to publish.
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