Mannai And EFG Say Bidding Period For Damas Shares Closed

Sunday, Jun 10, 2012

DUBAI (Zawya Dow Jones)--Qatari conglomerate Mannai Corp. and funds managed by Egyptian investment bank EFG Hermes Sunday said the bidding period for regional jewelery retailer Damas International Ltd. has ended.

Mannai and EFG made a takeover bid for Damas at $0.45 per share early this year, valuing the Dubai-listed company at around $445 million. As of Thursday, the bidders had received acceptance of that offer from holders of 96% of Damas's share capital, according to an emailed statement.

With the closing of the bid, Damas shareholders who have not yet accepted the offer can no longer do so. Mannai and EFG are set to compulsorily acquire the rest of the company at $0.45 a share on July 10 under securities laws that allow the bidders to squeeze out remaining stockholders once the vast majority of other shareholders have agreed to the deal.

-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

10-06-12 0637GMT