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BLME's board clears Boubyan Bank's takeover bid

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BLME's board clears Boubyan Bank's takeover bid

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.