Dubai –  The board of DXB Entertainments has agreed to appoint advisors to assess the offer received from Meraas Leisure and Entertainment.

The company has selected Allen & Overy as the legal advisor and KPMG Lower Gulf and Shuaa Capital as financial advisors, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

On 20 December, Meraas notified the board of DXBE about its plan to make a conditional cash offer to acquire all issued and paid-up ordinary shares of DXBE.

With this offer, Meraas seeks to support DXBE amid its financial challenges.

It is noteworthy to mention that during the first nine months of 2020, the net losses of DXBE increased to AED 1.06 billion from AED 716.52 million in the corresponding period of 2019.

Source: Mubasher

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