Emaar Properties announced its intention to make a voluntary cash offer to acquire up to 100% of the issued and paid-up share capital of Emaar Development that is not already owned by Emaar Properties and its subsidiary, Emirates Property Holdings Limited.
The company said in a statement to the Dubai Financial Market that the offer is priced at AED15 per share in cash and remains subject to approval by the board of directors of Emaar Properties.
Emaar Properties currently owns 79.16% of Emaar Development, while the remaining 20.84% is held by public shareholders.
Emaar Development has 4 billion shares in issue, and the 20.84% stake targeted by the offer represents approximately 833.6 million shares.
At the proposed price of AED15 per share, the total value of the shares to be acquired is approximately AED12.5 billion.
The offer price is AED1.10 higher than Emaar Development's closing share price of AED13.90 on Tuesday, November 3.
Emaar Properties offered 800 million shares in Emaar Development in its Dubai Financial Market listing in November 2017 at a price of AED6.03 per share.
