DXB Entertainments shareholders urged to accept Meraas offer - Arabianbusiness
Shareholders of Dubai-based DXB Entertainments have been urged to accept an offer from state-controlled Meraas Holding to acquire the theme park operator’s debt and take it private, or risk the company being placed into liquidation.
The offer from Meraas to acquire debt worth AED4.26 billion ($1.16 billion) and convert it into new DXB Entertainment shares, will be discussed and put to a vote at the company’s general assembly meeting on Tuesday.
Meraas currently holds a 52 percent stake in DXB Entertainments, which still counts Qatar’s sovereign fund and Kuwait Investment Authority as other shareholders. The move would boost Meraas’ ownership to more than 90 percent.
However, in a note to Dubai Financial Market (DFM) DXB Entertainments said that a failure to approve the offer would see an alternative resolution tabled “to consider and approve the dissolution and liquidation of the company”.
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