The board of directors of Kuwaiti mobile operator Viva advised shareholders not to accept the takeover bid offered by Saudi Telecom Company (STC), Viva said in a statement posted on the bourse website. Last week, STC made a non-binding offer to purchase the remaining shares of Viva that it does not own for KWD1 per share valuing the stake at KWD369.5mn ($1.21bn). Prior to the offer, STC owned 26% of Viva’s shares with a further 6% belonging to Kuwait Investment Authority, another 10.6% stake held by the Public Institute for Social Security and the rest freely traded on the stock exchange.
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