Emaar Properties offers Dh15-per-share cash in Emaar Development buyout
Dubai: Emaar Properties has announced plans to acquire the remaining shares in Emaar Development for Dh15 apiece in cash, confirming an earlier Bloomberg report that the Dubai-based property group was considering a multibillion-dollar buyout of its listed subsidiary. In a stock exchange disclosure on Wednesday, Emaar Properties said it intends to make a voluntary cash offer for up to 100% of…
Dubai-based property group Emaar Properties has announced plans to acquire the remaining shares in its listed subsidiary, Emaar Development, for Dh15 per share in cash. The Dubai property giant confirmed this proposal in a stock exchange disclosure on Wednesday, following an earlier Bloomberg report that it was considering a multibillion-dollar buyout.
Emaar Properties currently owns 79% of Emaar Development, and the proposed transaction would consolidate ownership of the residential property development business. The deal, if approved, could cost as much as $3.2 billion based on current market prices.
Written by urgent.news from Gulf News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
