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Emaar Malls Confirms $800 Million Bid For Souq.com

Emaar Malls Confirms $800 Million Bid For Souq.com

Dubai’s Emaar Malls, a unit of Emaar Properties, said on Monday it had submitted an $800 million bid for Middle Eastern online retailer Souq.com.

The bid has so far not been accepted by Souq.com’s shareholders, Emaar Malls said in a bourse statement. Local business magazine Arabian Business had previously reported the bid.

Last week, sources familiar with the matter told Reuters that Amazon.com Inc had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment.

Emaar Malls’ bid has so far not been accepted by Souq.com shareholders, the Dubai-listed firm said in a stock exchange announcement on Monday.

Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, the source said.

Emaar Malls’ offer is higher than Amazon’s $580 million bid, a source familiar with the matter said. The Financial Times reported Amazon would pay between $650 and $750 million, quoting two sources familiar with the matter.

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