Dubai's Souq.com to make announcement on Amazon bidMarch 28, 2017 - 12:25 AMT PanARMENIAN.Net - Middle Eastern online retailer Souq.com will make an announcement later on Tuesday, March 28 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. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |