Monday, May 14, 2012
(This story was originally published Sunday.)
DUBAI (Zawya Dow Jones)--Shares in regional jewelry retailer Damas will be delisted from the Nasdaq Dubai next month as part of the company's takeover by Qatar's Mannai Corporation and investment funds managed by Egypt-based EFG Hermes.
The bidders have received acceptance of their offer of $0.45 per Damas share from holders of 88.86% of the company's issued share capital, according to a statement Sunday.
Now as holders of more than 75% of the voting rights attached to Damas' share capital, the bidding consortium has approved the company's delisting from the exchange effective from June 12, the statement said.
Mannai and EFG formally launched their bid for Damas early last month in a deal that valued the company at about $445 million. The bid is to remain open for acceptance until May 24, the statement said.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
14-05-12 0348GMT
