STC sets offer price for Kuwait Viva takeover

STC seeks full control of successful Viva Kuwait unit
STC sets offer price for Kuwait Viva takeover

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Saudi Arabia’s STC Group will offer 1 dinar ($3.30) per share to buy out other shareholders in its Kuwaiti affiliate Viva, which works out at a 9% discount on Viva's last closing price, Reuters reported.

STC has received approval from Kuwait's market regulator for the takeover offer, with the buyout period open from December 27 to January 31, the statement said.

STC, which owns 26% of Viva, is seeking full control of its unit, which launched services in 2008.

Viva's shares plunged after STC announced its offer price in a statement to Riyadh's bourse, although the bid document states that the offer represents a 14% premium to Viva's three-month volume weighted average price, the report added.
 

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