The board of BLME Holdings PLC approved the terms of Boubyan Bank KSCP's offer to acquire all remaining shares it does not currently own in the London-based lender.

Kuwait-based Boubyan Bank offered to pay $1.05 per share for the remaining stake it does not own in BLME for a consideration of roughly $158 million. It already has a 27.91% interest in the bank. The offer values BLME at about $212.1 million on a fully diluted basis.

Boubyan Bank said it has already received irrevocable undertakings to accept the offer from some BLME investors holding 24,492,844 shares, or about 13.21%.

The deal remains subject to certain conditions and approvals from regulators.