Sunday, May 27, 2012
(This story was originally published Thursday)
DUBAI (Zawya Dow Jones)--Qatari conglomerate Mannai Corporation and funds advised by Cairo-based bank EFG Hermes are proposing to force through their takeover of regional jewelry retailer Damas, after receiving acceptance from holders of more than 90% of the company's share capital.
Acceptance levels reached 92.65% on Wednesday, the bidders said in a statement. Mannai and EFG are offering $0.45 in cash per Damas share, valuing the company at around $445 million.
With almost all Damas shareholders in assent, Mannai and EFG are proposing to start a "squeeze-out," the statement said. That would force through the acquisition of 100% of Damas' shares at the same $0.45 per share terms.
Despite the commencement of the squeeze-out, Mannai and EFG said Damas shareholders who have not yet accepted the bid can do so until June 7.
Damas, which had to restructure debt after a series of unauthorized transactions by executives were uncovered, is to be delisted from the Nasdaq Dubai when the takeover is complete.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
27-05-12 0351GMT
