Dubai-based Emaar Properties PJSC has offered to take over its construction Arm, Emaar Development PJSC, in a multibillion-dollar deal. The proposed offer is 15 dirhams ($4.08) per share, putting Emaar Development’s value at 60 billion dirhams, or approximately $16.3 billion.
The offer is above Emaar Development’s last closing price of 13.90 dirhams, but remains below the levels at which the company traded before the regional war began. Valuations for both firms have been weighed down by the conflict, which has lasted for months.
Sources: Bloomberg Markets.