Dh6.25-a-share cash offer represents a 23% premium to AD Ports Group’s latest closing price.
Dubai: L’IMAD, a sovereign investor owned by the Government of Abu Dhabi, has announced plans to make a voluntary conditional cash offer to acquire up to 100% of the issued and paid-up share capital of AD Ports Group.
The proposed transaction will be carried out through L’IMAD’s wholly owned subsidiary, Abu Dhabi Developmental Holding Company (ADQ), which currently owns 75.42% of AD Ports Group.
The offer will target the shares in AD Ports Group not already owned by ADQ. If all remaining shares are acquired, L’IMAD’s ownership through ADQ would rise to 100%.
Dh6.25 per share offer
L’IMAD has proposed a cash offer of Dh6.25 per share, representing a 23% premium to AD Ports Group’s last closing price of Dh5.10.
The offer price is also 25% above AD Ports Group’s one-month volume-weighted average price (VWAP) of Dh5.02 and 31% above its three-month VWAP of Dh4.76.
Compared with the Dh3.20 per-share subscription price before AD Ports Group listed on the Abu Dhabi Securities Exchange in February 2022, the proposed offer represents a 95% premium.
Offer subject to approvals
L’IMAD announced its intention to make the offer on the Abu Dhabi Securities Exchange on Monday, August 17.
The proposed transaction remains subject to the necessary regulatory approvals. The full terms and conditions, along with the offer timetable, will be detailed in an offer document that AD Ports Group is expected to publish in due course.
