Board of Kuwait’s Viva advises shareholders to decline Saudi Telecom’s takeover bid

By bne IntelliNews December 23, 2015

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.

Related Articles

Trump warns US pullout from "horrible" Iran nuclear deal might still be ahead

US President Donald Trump on October 16 warned that the termination of the Iran nuclear deal is still a clear possibility even though he ... more

Pentagon chief suggests staying in Iran nuclear deal is in US interests

US Defence Secretary Jim Mattis on October 3 told the Senate Armed Services Committee that it currently appears to be in the strategic interest of Washington to remain in the Iran nuclear deal. ... more

Iran will in six years accept stricter nuclear inspections if US behaves, says foreign minister

Iran’s foreign minister has said the country is willing to formally accept a tougher nuclear inspection regime in six years. However, Mohammad Javad Zarif continued to rule out any renegotiation of ... more