Emirates NBD seeks shareholders' nod on proposed merger

DUBAI —- Emirates NBD has published an offer document asking the shareholders of Emirates Bank International (EBI) and National Bank of Dubai (NBD) to approve the proposed merger between the two banks. The document was sent out beginning yesterday and the acceptance will open on August 1.



By A Staff Reporter

Published: Tue 31 Jul 2007, 8:58 AM

Last updated: Sat 4 Apr 2015, 10:23 PM

The offer document contains full details of the terms and conditions of the proposed merger between EBI and NBD, along with instructions for the shareholders wishing to accept the offer, Emirates NBD, the new company created after the proposed merger, yesterday said in a statement.

Shareholders of the two banks will have the chance to vote on the proposed merger during the EBI and NBD extraordinary general meetings (EGMs) on September 5 and 6, respectively.

The statement said the offer would run until September 17, giving shareholders enough time to accept it by completing the form of acceptance based on the process set out in the offer document.

The document says that each EBI share will be exchanged for one share in Emirates NBD, valuing the EBI shares at Dh9.30 per share as of July 1. It also says that each NBD share will be exchanged for 0.95 shares in Emirates NBD, valuing the NBD shares at Dh8,84 per share as of July 1. The exchange ratio of 0.95 equates to a 14 per cent premium to NBD's share price on March 5, the undisturbed share price before the announcement of the proposed merger.


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