Dubai Jeweler Accepts $445M Bid From Mannai, EFG Hermes

Law360, New York (April 26, 2012, 5:17 PM EDT) -- A consortium of Qatar's Mannai Corporation QSC and a unit of Egyptian investment bank EFG Hermes Holding SAE won control of Dubai-based Damas International Ltd. after more than 78 percent of the jewelry retailer's shareholders accepted the consortium's $445 million bid, Damas announced Thursday.

Damas stock owners representing 775,317,961 shares tendered into the 45-cent-per-share cash offer put forth by the Mannai-EFG Hermes consortium, dubbed Golden Investments Ltd., according to a notice Damas posted Thursday on the Nasdaq Dubai stock exchange.

The bid, which has the support...
To view the full article, register now.