DUBAI : Middle Eastern online retailer Souq.com will make an announcement later on Tuesday about Amazon.com Inc’s bid to buy 100 percent of the company from its shareholders, two sources familiar with the matter told Reuters.
One of the sources, declining to be identified ahead of the announcement, said the statement would say that Souq.com’s shareholders had accepted the bid.
Souq.com declined to comment. Amazon officials could not immediately be reached for comment.
Dubai’s Emaar Malls, operator of some of the region’s most glitzy shopping malls, said on Monday it had made an $800 million offer for Souq.com. Sources said that bid was higher than Amazon’s offer.
Reuters reported last week that Amazon had agreed in principle to buy Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar.
Souq.com has raised $425 million since its founding in 2005, according to CrunchBase. It was reported to be valued at $1 billion at the time of its latest funding round last year, but sources said at the time the deal was worth less than that.
Amazon bid $580 million for Souq.com, a source familiar with the matter told Reuters on Monday. The Financial Times reported Amazon would pay between $650 and $750 million, quoting two sources familiar with the matter.
Emaar Malls’ bid had so far not been accepted by Souq.com shareholders, the Dubai-listed firm said on Monday.
Souq.com would have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, a source said.
Dubai’s Souq.com to make announcement on Amazon.com bid — sources
Dubai’s Souq.com to make announcement on Amazon.com bid — sources
MI Emirates hold on to stun Dubai Capitals
- MI Emirates defend lowest total in the history of the league after Jordan Cox and Shayan Jahangir had given Capitals an edge
DUBAI: MI Emirates stunned Dubai Capitals with a seven-run victory at the Dubai International Stadium on Wednesday, defending a modest total of 137 for 8.
Jonny Bairstow’s half-century provided the backbone of the innings alongside impressive performances from Mustafizur Rahman and Muhammad Jawadullah.
In response, Capitals were comfortably placed in the chase before Rashid Khan’s two-wicket haul led the heist for MI Emirates.
The result took MI Emirates to six points and allowed them to replace Capitals in third place on the DP World ILT20 Season 4 points table.
Muhammad Rohid made an early dent in the Capitals lineup with the wicket of Leus De Plooy (4 off 11) but Shayan Jahangir (34 off 27) and Jordan Cox (46 off 41) batted with intent. Jahangir thumped three sixes while Cox also worked three boundaries to post 51 runs in the powerplay.
The pair put the Capitals in control, but a scoring lull following the powerplay forced the wicket of Jahangir, outfoxed by Khan. Rovman Powell (11 off 10) joined Cox as the run-rate declined. The pair had put on a near run-a-ball 25-run stand until Khan had Powell stumped in the 13th over.
Dasun Shanaka (3 off 5) was the next to depart, castled by Kamindu Mendis to leave Capitals at 94 for 4 after 14 overs. Capitals lost a third wicket in the space of six runs when Jimmy Neesham (0 off 3) was run out.
Although the well-settled Cox was still in the middle, the run-rate was climbing, and eventually Capitals needed 30 runs off the final three overs.
In the penultimate over Naveen-ul-Haq dismissed Cox and Mohammad Nabi (12 off 13) in the space of three balls to deliver a fatal blow to Capitals’ run chase.
The Capitals lost three more wickets, including a run-out in Romario Shepherd’s final over as they were skittled for 130.
In the first innings, MI Emirates kept wickets intact in the powerplay, but tight new-ball spells from Dubai Capitals limited Muhammad Waseem (17 off 19) and Bairstow (67 off 40) to 40 runs in the opening six overs.
After David Willey scalped Waseem in the seventh over, Bairstow and Nicholas Pooran (8 off 16) combined for a 48-run partnership. Bairstow provided the impetus smashing Nabi for a four and two consecutive sixes on his way to a 30-ball half century, studded with eight fours and three sixes.
Capitals’ Jawadullah was instrumental in shifting momentum, accounting for Pooran and Bairstow in his first two overs, giving away only seven runs and leaving MI Emirates at 99 for 3.
Kieron Pollard (6 off 8) and Mendis (10 off 7) fell in quick succession to Haider Ali and Waqar Salamkheil, before Mustafizur Rahman ripped through the middle and lower order, dismissing Tom Banton (5 off 11), Khan (1 off 3) and AM Ghazanfar (0).
Romario Shepherd (18 off 10) remained unbeaten with a six and a four as the MI Emirates posted 137 for 8.
Player of the Match Khan said: “Happy with the win today. The last game we were close too but happy to finish it today.
“It’s always good to be in a team that has experience. Today was a proper team effort and bowling effort. I think the way we fielded gave us energy today.”
Dubai Capitals captain Shanaka said: “We really bowled well, but a few dropped catches gave them extra runs. The game was totally with us, I think I gave my wicket away, mine and Jimmy Neesham’s were crucial at a point where they needed wickets.”
