Today's Edition
A. SREENVASA REDDY (ABU DHABI)
Abu Dhabi Developmental Holding Company (ADQ), a wholly owned subsidiary of L’IMAD Holding, has informed AD Ports Group that payment under its cash offer and transfer of acquired shares to ADQ will take place by October 9, 2026, after the satisfaction of the conditions set out in the offer document.
In a stock market disclosure, AD Ports Group said it had received notification and confirmation from ADQ that, apart from customary notifications required to be submitted to the Capital Market Authority (CMA) and the Abu Dhabi Securities Exchange (ADX), “all other conditions of the Offer as set out in the Offer Document have been satisfied.”
The disclosure said that as a result of the satisfaction of “all key conditions” of the offer, settlement — involving payment of the offer price and transfer of the acquired shares to ADQ — would take place no later than October 9.
The latest disclosure does not provide a condition-by-condition update, but states collectively that all conditions set out in the offer document, other than the customary notifications to the CMA and ADX, have been satisfied.
When the proposed transaction was announced in August, the conditions included obtaining required governmental, corporate, regulatory and statutory approvals, exemptions or waivers; securing any required antitrust and foreign direct investment approvals; satisfactory completion of due diligence by ADQ; and obtaining any third-party consents identified during that process.
Other conditions included AD Ports Group dispatching an offeree circular to shareholders, with no subsequent withdrawal or change in its board’s recommendation that shareholders accept the offer, and the absence of a material adverse effect before the offer became unconditional.
ADQ launched the voluntary conditional cash offer on August 18 for the 1.251 billion AD Ports Group shares it does not already own, representing about 24.58% of the company’s issued share capital. The offer is priced at Dh6.25 per share.
ADQ already owns about 75.42% of AD Ports Group. The Dh6.25 offer price represented a 23% premium to AD Ports Group’s closing price of Dh5.10 on August 14, ahead of the announcement of the proposed transaction.
The acceptance period is scheduled to remain open until 3pm UAE time on September 15. The offer document had earlier indicated that results were expected to be announced on September 16 unless the acceptance period was extended.
