Thursday, Apr 26, 2012
DUBAI (Zawya Dow Jones)--Qatari conglomerate Mannai Corporation and investment funds managed by Egypt-based EFG Hermes have finalized a takeover of jewelry retailer Damas, the companies said Thursday.
Mannai and EFG had already reached an agreement to buy Dubai-based Damas last month at a price of $0.45 per share, valuing the company at about $445 million. But they needed the formal consent of investors holding at least 75% of Damas' issued share capital to seal the deal.
On Thursday, the bidding consortium had received acceptances from shareholders owning about 78.37% of Damas, the companies said. The development "effectively means that the consortium has now acquired control of [Damas]," according to a statement.
Following the acceptance, Mannai and EFG intend to apply for the delisting of Damas from the Nasdaq Dubai, the statement said.
Advisers on the takeover included law firms Clifford Chance, Freshfields Bruckhaus Deringer, Ashurst and Allen & Overy. Nomura International, Deutsche Bank and KPMG were also involved in the deal.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-04-12 0833GMT
