Dubai’s Meraas Makes Offer to Delist Troubled Park Operator DXBE

(Bloomberg) -- Dubai government-controlled Meraas Holding LLC is offering shareholders a 50% discount to take theme park operator DXBE Entertainments private, just six years after raising money from equity investors to build the amusement hub.

Meraas offered eight fils in cash for each DXB Entertainments share, below the 12 fils closing price on Sunday. As part of the offer, Meraas plans to acquire debt worth 4.26 billion dirhams ($1.16 billion) and convert it into new DXBE shares.

DXB Entertainments, which hasn’t posted a profit since listing in 2014, said it was evaluating the offer. The stock has lost more than 90% of their value since a peak in 2016.

Meraas holds a 52% stake in DXB Entertainments, which also counts Qatar’s sovereign fund and Kuwait Investment Authority as other shareholders.

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