Dubai's Emaar Malls, the shopping center unit of Dubai's largest publicly-traded property developer, said Monday it had bid $800 million for Souq.com. The offer comes as the property developer tries to align e-commerce with physical shopping, Emaar said in a disclosure on the Dubai Stock Exchange.
The bid has still not been accepted by the shareholders of Souq.com, the company said.
Dubai-based Souq.com is the largest online retailer in the Arab world, operating in English and Arabic. The site delivers to the United Arab Emirates, Saudi Arabia, Egypt, Bahrain, Oman and Qatar.
Amazon offered to acquire Souq.com last week, sources told TechCrunch last week. Goldman Sachs is reported to have helped Amazon put together a bid between $650 million and $750 million.
Amazon agreed to purchase 100% of Souq.com from its shareholders, according to reports.
In February 2016, Souq.com raised $275 million in a funding round that valued the entire company at $1 billion. Investors who participated in the round included Tiger Global Management, Naspers, Standard Chartered Private Equity, International Finance Corporation and Baillie Gifford.
The steep valuation reportedly led to a breakdown in a potential deal in January. But in early March, the talks were back on with a price tag of as much as $650 million, according to Bloomberg.
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