Abu Dhabi sovereign investor L’imad, through its wholly owned subsidiary ADQ, has announced a voluntary conditional cash offer to acquire up to 100% of the issued and paid-up share capital of AD Ports Group.
Shareholders will receive an offer of 6.25 UAE dirhams, equivalent to $1.70, for each share they hold in AD Ports, pending approval from the Board of Directors.
Expanding Equity
L’imad currently holds 75.42% of AD Ports Group, while other notable shareholders include Norway’s Norges Bank Investment Management with a 1.74% stake and US-based Vanguard Capital Management, which owns 0.54%.
“The offer gives AD Ports Group shareholders an attractive opportunity to realise certain and immediate value,” L’imad said.
In a separate bourse filing, AD Ports Group said it has received ADQ’s notification for its intention to submit a voluntary conditional cash offer.
This acquisition effort represents a significant move within the regional investment landscape.
Financial Advisors & Banking Joint Managers
Rothschild & Co Middle East Limited is acting as the financial adviser for the tender offer, with Emirates NBD Capital and First Abu Dhabi Bank serving as joint lead managers. EFG Hermes UAE is co-lead manager for the transaction.
Both Emirates NBD Bank and First Abu Dhabi Bank are also designated as joint-lead receiving banks, while Allen Overy Shearman Sterling is providing legal advisory services.
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