Abu Dhabi sovereign wealth fund L'IMAD, headed by the emirate's crown prince, plans to acquire all of Abu Dhabi Ports, bidding for the shares it does not already own in the global port operator, it said on Monday.
L’IMAD, which owns 75.42 per cent of AD Ports' shares through its wholly owned subsidiary ADQ, is looking to acquire the remaining share capital through a voluntary conditional cash offer of AED6.25 per share, it said in a statement.
The offer represents a 23 per cent premium to AD Ports' closing share price of AED5.10 on August 14, valuing the company at over AED31.2 billion ($8.6 billion), according to Reuters' calculations.
L’IMAD said in the statement that, "sufficient resources are available to ADQ to satisfy in full the cash consideration payable to AD Ports shareholders under the terms of the offer".
(Reporting by Federico Maccioni; Editing by Emelia Sithole-Matarise)
