NATIONAL BANK OF OMA

NBOB
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The Commercial Bank (P.S.Q.C.) cancelled the acquisition of an additional 15.2% stake in National Bank of Oman SAOG.

07/11/2021 | 12:00am
The Commercial Bank (P.S.Q.C.) (DSM:CBQK) made an offer to acquire an additional 15.2% stake in National Bank of Oman SAOG (MSM:NBOB) for OMR 49.4 million on June 3, 2021. Under the terms, The Commercial Bank made an offer to acquire 247,146,240 fully paid-up shares in National Bank of Oman at the offer price of OMR 0.2 per share. Post completion, The Commercial Bank (P.S.Q.C.) (DSM:CBQK) will hold 50.1% stake in National Bank of Oman SAOG. In the event that National Bank of Oman shareholders who hold in aggregate less than 15.2% of the Issued Capital accept the offer, The Commercial Bank may choose to either withdraw the offer or acquire the relevant number of tendered shares and in the event of more than 15.2%, The Commercial Bank will acquire from each shareholder on a pro rata basis rounded up or down to the nearest whole target share but equalling not more in aggregate than 15.2% of the Issued Capital. The offer is subject to approval from the competent authorities. Offer opens on June 10, 2021 and closes on July 11, 2021. Talal Al Balushi and Hunaina Banatwala of Ubhar Capital SAOC, Investment Banking Division acted as Offer Manager in this transaction. Oliver Stevens of Nasser Al Habsi & Saif Al Mamari Law Firm acted as legal advisor to The Commercial Bank. JPMorgan Chase & Co. (NYSE:JPM) acted as fairness opinion provider to National Bank of Oman SAOG. The Commercial Bank (P.S.Q.C.) (DSM:CBQK) cancelled the acquisition of an additional 15.2% stake in National Bank of Oman SAOG (MSM:NBOB) on July 11, 2021. Since the acceptance by NBO shareholders is less than the 15.2% minimum threshold acceptance by CB for acquisition, CB has decided to exercise the option of withdrawing the offer in its entirety.
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