Emaar Development buyout sets December 10 deadline for shareholders
Dubai: Emaar Development shareholders have until December 10 to accept a Dh15-per-share cash buyout offer from Emaar Properties, which plans to compulsorily acquire the remaining shares if its ownership reaches 90% plus one share. The offer opened on November 6, according to a shareholder FAQ outlining the transaction’s timetable and acceptance procedures. It closes at 3pm UAE time on December…
Dubai: Shareholders of Emaar Development have until December 10 to accept a cash buyout offer of Dh15 per share from Emaar Properties. The offer, which opened on November 6, will close at 3pm UAE time on the 10th, unless extended by an additional 14 days. Emaar Properties, which owns 80.1613% of the company, intends to buy all shares tendered if it reaches the 90% plus one share threshold.
If the threshold is not met, shareholders who decline the offer will retain their shares. Emaar Properties offers the cash price as a 19.4% premium to Emaar Development's November 2 closing price and above the one-month and three-month average prices. Shareholders can accept the offer in full or in part but cannot withdraw their acceptance once submitted.
The payment is expected to become unconditional within a month of the closing date, with payment due within three business days afterward.
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