DXB Entertainments responds to shareholders ’inquiries regarding Meraas’ share offer
DXB Entertainments, whose majority owner, Meraas, intends to acquire all of the shares listed on the Dubai market, said that the acquisition of the shares will take place whether the offer is accepted or rejected by the shareholder.
This came in an official statement posted on the Dubai Financial Market, and the company's statements came as part of a response to the inquiries of some of its shareholders about the acquisition.
DXB Entertainments, listed on the Dubai Financial Market, explained to shareholders some procedures related to their shares and the share acquisition offer submitted by Meraas.
The company built in the statement some details related to the general assembly meeting that will be held on March 9th, and what will happen if the general assembly decisions are not accepted by DXB shareholders, and the possibility of requesting the transfer of the shares in exchange for shares to the bank account without completing the acceptance form and other Other stock-related items.
In a clarifying question-and-answer letter to the shareholders, the company said: If you accept this offer before the offer period expires (at 6 pm on March 9), and the terms of the deal are fulfilled as detailed in the Meraas Offer Document (including approval by DXBEV shareholders The General Assembly that will be held on March 9th), Meraas will settle the cash consideration owed to you on or around the 30th of March.
She added, "If you do not accept this offer and the terms of the deal are met, including the approval of DXBE's shareholders in the General Assembly, Meraas intends to exercise its rights in the mandatory acquisition of your shares during the second quarter of 2021."
On December 20, 2020, DXB Entertainments announced that its Board of Directors had received a formal offer from the main shareholder of the company, Meraas, to acquire all of its shares.
The Board of Directors unanimously recommended the shareholders of DXB Entertainments to accept the offer, to attend the General Assembly on March 9, 2021 and vote in favor of the General Assembly decisions necessary for the purpose of implementing the offer.
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