Damac Properties Dubai has said in a filing with Dubai Financial Markets that its Board of Directors has approved the company being acquired by Maple Invest Co Limited.
Damac said its entire board, other than Sofyan Al Khatib, had reviewed the expert advice on the deal provided by the entities it had appointed for the purpose.
It had appointed KPMG as an independent valuer, Arqaam Securities LLC as financial advisor, and Al Tamimi & Company as its legal advisor.
Damac said in the disclosure that no one on the board has a conflict of interest with Maple.
It added that the board, having evaluated the inputs received from its independent financial and legal advisors as to the terms of the offer and other factors, consider its terms to be “appropriate and reasonable.”
As a result, the board has “unanimously recommended” to Damac’s shareholders to accept the offer, and that the recommendation would be published to Damac shareholders on the company’s official website.
Maple is a holding company that us wholly owned by Hussain Sajwani, the previous chairman of Damac.
It has offered to acquire Damac’s issued and paid-up ordinary share capital.
Under the terms of the offer, Damac shareholders — excluding Maple and the ultimate offeror’s shareholding — will be entitled to receive AED1.40 ($0.38) in cash for each share they hold.