Riyadh-Mubasher: Kuwait Telecommunication’s (Viva) financial advisor viewed the Saudi Telecom Company’s (STC) takeover bid as fair, nonetheless, the prospective acquiree’s board recommended otherwise, the bidder said in a filing with Tadaweul.
Viva has appointed Protiviti, a financial advisor licensed by Kuwait’s Capital Markets Authority (CMA) to evaluate STC’s takeover offer, the statement to the Riyadh’s exchange said.
U.S. global consultant firm Protiviti’s valuation was conducted based on Viva’s board-level business plan and cash flows and as well as discussions with the firm’s board on 20 and 21 December 2015, noted the statement.
STC’s four representatives on Viva’s board abstained in the vote on the board resolution; however, the three members remaining expressed an opinion inconsistent with their own financial advisor, as they decided the offer is not fair.
STC went on to say it will proceed with its one-dinar-per-share offer as Viva’s recommendation in this case is “not binding” according the Kuwaiti laws.
