DXB Entertainments plans to hire advisers to evaluate state-controlled Meraas Holding offer to acquire the Dubai theme park operator’s debt and take it private.

The board approved appointing KPMG and Shuaa Capital as financial advisers and Allen & Overy as legal adviser, according to a regulatory filing Wednesday.

Last week, Meraas offered to acquire debt worth Dhs4.26bn dirhams ($1.16bn) and convert it into new DXB Entertainment shares, boosting its ownership to more than 90 per cent.

DXB Entertainment hasn’t posted a profit since listing and the stock has lost more than 90 per cent of its value since a peak in 2016.