Damac has entered into a bidding war with Abu Dhabi Capital Management to win control of the London-listed luxury property developer Northacre.
ADCM, through its investment vehicle Spadille, made a public offer of 96 pence per share to Northacre investors last Friday, according to a filing posted on the London Stock Exchange.
The Abu Dhabi boutique investment company offered shareholders the choice between a payment in cash or non-transferable unsecure loan notes, with a coupon rate of 10 per cent annually.
Damac and Abu Dhabi investment company in bidding war for Northacre - The National
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