(MENAFN- Muscat Daily) Muscat- United Finance Co on Wednesday said its board of directors decided to decline the proposed offer for a potential merger with alizz islamic bank.
In a filing to the Muscat Securities Market, the bank said its board insists on receiving an offer for full cash acquisition. United Finance board met on Tuesday to discuss the alizz islamic bank's offer.
'Having discussed this matter, the board decided to decline the proposed offer and insist on receiving an offer for full cash
acquisition. Further disclosure concerning this matter will be made as and when there are developments to report', alizz islamic bank said.
Earlier this month, Alizz islamic bank had expressed interest in the possibility of a strategic merger with United Finance. United Finance's board later approved engaging in dialogue with alizz islamic bank to explore the possibility of merger, subject to it being on a full cash acquisition basis.
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