On 9 December, FIMBank plc announced that United Gulf Bank B.S.C. (UGB) and Burgan Bank S.A.K. (Burgan), collectively referred to as the Offerors, have launched a joint voluntary bid in respect of all the issued shares in FIMBank not already held by the Offerors, with the intention of acquiring a controlling interest in FIMBank.
Shareholders have the possibility of selling their shares, in part or in full, to the Offerors at a price of USD0.95 per share. The Acceptance Period for the offer is from 16 December 2013 to 20 January 2014 for those registered holding the stock as at 6th December 2013.
In this respect, FIMBank also announced that its Board of Directors is scheduled to meet on 18 December 2013 to discuss the voluntary bid and the effects of its implementation on the Group’s operations. Following the meeting of the Board of Directors, FIMBank will issue a document setting out the opinion of the Board on the voluntary bid.
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