AD Ports board backs L’imad’s Dh6.25-a-share bid for full control
AD Ports Group’s board has recommended that shareholders accept L'imad’s Dh6.25-a-share offer to take full control of the Abu Dhabi ports and logistics company, following a fairness opinion from its independent financial adviser HSBC. L'imad, Abu Dhabi’s sovereign investment vehicle, through its wholly owned subsidiary ADQ, launched a voluntary tender offer on August 18 to acquire the remaining…
On August 18, L’imad, Abu Dhabi’s sovereign investment vehicle, launched a voluntary tender offer to acquire the remaining shares in AD Ports, a company that currently owns 75.42 per cent of AD Ports. The offer, which requires shareholders to tender each share for Dh6.25 ($1.70) in cash, represents a 23 per cent premium to the company’s closing price before the bid was announced and is around 95 per cent above the Dh3.20-a-share price at which AD Ports listed on the Abu Dhabi Securities Exchange in 2022.
This valuation puts the total value of AD Ports at approximately Dh31.8 billion. Shareholders have until 3pm on September 15 to accept the offer, and the offer value is expected to provide shareholders with an attractive opportunity to realize immediate value while allowing AD Ports to pursue long-term growth, including potential acquisitions, without the constraints of a public listing.
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