Etisalat Drops Offer to Buyout Minority Shareholders in Maroc Telecom
UAE based Etisalat has cancelled its offer to buy out the minority shareholders in Maroc Telecom after securing a special waiver from the local stock exchange.
Etisalat recently bought a 53% stake in Maroc Telecom, and under the Casablanca stock exchange rules was required to launch an offer to buy the remaining shares.
Just 17% of the shares are listed on the stock exchange, with the other 30% owned by the government, and it was expected that the stock exchange would offer an exemption from the mandatory offer as it would have reduced liquidity in the stock market.
Etisalat has now confirmed that it has received the waiver, and has cancelled the share purchase offer -- which could have cost upwards of USD2 billion had all the shareholders wanted to sell.