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Tue 28 Mar 2017 11:42 AM

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Emaar Malls lodged a late bid of $800m for the Middle East e-commerce giant set to make announcement on bid

Middle Eastern online retailer will make an announcement later on Tuesday about 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's shareholders had accepted the bid. 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 Sources said that bid was higher than Amazon's offer.

Reuters reported last week that Amazon had agreed in principle to buy, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar. 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, 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 shareholders, the Dubai-listed firm said on Monday. would have to break an exclusivity agreement with Amazon if it is to accept the Emaar Malls offer at this stage, a source said.

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