Boubyan Bank K.S.C.P. (KWSE:BOUBYAN) made an offer to acquire an additional 72.09% stake in BLME Holdings plc (DIFX:BLME) for approximately £110 million on December 1, 2019. Under the terms of the transaction, BLME shareholders will be entitled to receive $1.05 (£0.811 per share) in cash for each BLME share. The transaction values the BLME shares not already held by Boubyan Bank and Boubyan Bank Capital at approximately $157.8 million (£122.02 million) on a fully diluted basis. At present, Boubyan Bank and Boubyan Bank Capital hold a beneficial interest in 51.7 million BLME shares representing approximately 27.91% stake. The cash consideration payable by Boubyan Bank pursuant to the Acquisition will be funded from Boubyan Bank's existing cash resources. If Boubyan Bank acquires minimum 90% stake under the Offer, Boubyan Bank will acquire compulsorily the remaining BLME Shares. Post the acquisition, The BLME Shares will be delisted. The transaction is subject to the regulatory approval, approval of third party, Waiver of the rights and the jurisdiction of the courts of England and Wales. As of December 20, 2019, BLME Independent Directors recommend unanimously that the BLME shareholders accept the Offer. As of December 20, 2019, the transaction is expected to be completed by January 27, 2020.

As of January 8, 2020, the transaction has been approved by UK Prudential Regulation Authority. As of January 27, 2020, Boubyan Bank has reduced the acceptance condition from 75% to more than 50%. Boubyan Bank has now satisfied the acceptance condition. The transaction has been declared unconditional both as to acceptances and in all respects. As of January 27, 2020, the transaction is expected to be completed by February 19, 2020. Charles Berkeley and Julie Green of Ernst & Young acted as financial advisor to Boubyan Bank. Michael Nicholson, James Britton, Rishi Shah, Arif Syed and Duncan Littlejohns of Peel Hunt LLP acted as financial advisor to BLME. Clifford Chance LLP acted as legal advisor to Boubyan Bank. Travers Smith LLP acted as legal advisor and Link Market Services (Emea) Limited acted as registrar to BLME. Mubasher Financial Services (Difc) Ltd. acted as Escrow Agent for BLME. Lucid Issuer Services Limited acted as Receiving Agent for Boubyan.