Batelco Group and Kingdom Holding’s joint bid to acquire the 25% stake in Zain KSA worth $950 million has been accepted by the Board of Directors of Zain Kuwait, according to Batelco.
Further to its announcements on March 13 2011, by both Batelco Group (Batelco) and Kingdom Holding Company (KHC) to Bahrain Bourse, CBB, various authorities and the general press, Batelco said that the KHC-Batelco Consortium has received acceptance of its non-binding offer from the Board of Directors of Zain Kuwait.
“Contrary to unfounded speculation in the press over the last 24 hours, the Consortium’s offer is based on $950 million in cash and is subject to the findings of the due diligence exercise and other approvals which could take at least six weeks. The consortium’s offer does not include undertakings for the assumption of $3.8 billion of Zain KSA’s debt,” the statement added.
“Shareholders of Zain Kuwait, Zain KSA, KHC and Batelco will be informed of any further material developments on a timely basis,” it said.