Jun 12 2012
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Damas Shares To Be Delisted From Nasdaq Dubai
Tuesday, Jun 12, 2012
DUBAI (Zawya Dow Jones)--Shares in Damas , the regional jewelery retailer, are to be delisted from the Nasdaq Dubai on Tuesday following the company's takeover by Qatar's Mannai Corporation and funds managed by Egypt's EFG Hermes, the exchange said.
Mannai and EFG early this year launched a takeover bid for Damas at $0.45 per share, valuing the company at about $445 million. The companies on Sunday said they received acceptance of their offer from holders of 96.48% of Damas 's issued share capital, and would acquire the remainder of the company under securities rules that allow an acquirer to squeeze out investors who have not formally accepted.
The delisting was planned as part of the bid. Mannai and EFG announced in April that they would apply for the cancellation of trading in Damas shares and their delisting from the Nasdaq Dubai. The delisting is to be effective from 10 a.m. (Dubai time) on Tuesday, according to an announcement on the exchange website.
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