AD Ports Group hires HSBC to advise on L'imad takeover bid
AD Ports Group, the integrated port, logistics chain and free zone operator, has hired HSBC to advise on a planned takeover bid by Abu Dhabi sovereign investment arm L’imad . The company’s board, which met through video conferencing, discussed the potential bid and “resolved to approve the appointment of HSBC Bank Middle East as the company’s financial advisers to oversee the transaction”, it…
AD Ports Group, a port and logistics company, has hired HSBC to advise on a potential takeover bid by Abu Dhabi sovereign investment firm L’imad. During a board meeting via video conferencing, the company's directors decided to approve HSBC Bank Middle East as their financial advisors to oversee the transaction. The offer price is Dh6.25 ($1.70) per share, which is 23% higher than the closing price the previous trading day.
This makes the deal 25% and 31% more valuable than L’imad's previous offers, which were 25% and 31% above the company's average share price in the previous month and three months. The acquisition, subject to regulatory approval, would allow AD Ports Group to pursue long-term goals like investments and acquisitions without the pressures of public market funding and return expectations.
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- AD Ports Group hires HSBC to advise on L'imad takeover bid thenationalnews.com
