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FINANCIAL NEWS
Kipco rejects USD4.3b offer for OSN
10 Aug 2014
(MENAFN) Kuwait Projects Company (Kipco) has rejected an offer from a private US equity to buy its television provider OSN, Emirates 24/7 reported.
The offer, which worth a USD3.2 billion, was turned down by both Kipco, which owns 60.5 percent of OSN, and Saudi-based Mawarid Group which owns the rest.
The offer included a USD2.4 billion direct cash payment with an additional USD800 million subjected to certain conditions.
OSN has recently been valued at USD4.3 billion by Arqaam, a Dubai-based brokerage.
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