Qatari conglomerate Mannai Corp and Egyptian investment bank EFG Hermes have agreed a $0.45 per share recommended cash bid for Dubai jeweler Damas.
In a joint statement, Mannai and EFG Hermes said irrevocable undertakings had been secured from 77.8 percent of Damas shareholders, with the bid valuing Damas’ share capital at around $445 million.
The offer is at a 9.8-percent premium to Damas’ closing price on Tuesday of $0.41. The stock, which has surged 86 percent this year on talk of a potential takeover, was unchanged at 0646 GMT.
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