Majan takeover plan approved

16 November 2002

Shareholders of Majan International Bank voted on 10 November 86 per cent in favour of a takeover by Bank Dhofar al-Omani al-Fransi. The deal required a 70 per cent majority in order to gain approval. Bank Dhofar's board is expected to give its final go-ahead for the takeover at an extraordinary general meeting scheduled for December (MEED 8:11:02).

The bank was forced to increase its offer for Majan following the rejection of its initial approach to acquire the bank in September. Its revised offer involves the acquisition of 50 per cent of the bank's stock on the basis of one ordinary share equalling 2.25 Majan shares and the conversion of 25 per cent of the remaining stock into bonds.

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