Oman’s United Finance said on Monday it had rejected a takeover offer from Al Omaniya Financial Services and will not pursue the potential transaction any further.
The board of United Finance met on Sunday to discuss the proposal but decided that Al Omaniya had not made “an acceptable financially binding offer”, according to a United Finance bourse filing which did not elaborate further.
Al Omaniya’s was the final offer left on the table after an initial three-way battle among financial institutions in the sultanate for United Finance, which offers loans and leasing services as well as corporate deposits.
In May, United Finance invited National Bank of Oman, Bank Nizwa and Al Omaniya to participate in an acquisition bidding process. The other two institutions later decided not to bid, leaving Al Omaniya as the only bidder.
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