Bidding war on Souq?

A Dubai company has made a bid on the Middle Eastern online retailer Souq. Emaar Malls reportedly offered $800 million for Souq. As reported by Apex Insight in the last few minutes, Amazon has apparently offered $650 million for the company.

There is no official confirmation of the Amazon offer, but if they had made a bid then this could make for an interesting time for Souq’s owners. A bidding war may ensure, though Amazon cannot quietly go about its business in its usual way as the offer is (apparently) out in the open.

As discussed in the last article published on Apex Insight, Amazon’s acquisition of Souq could give it considerable access to the Middle Eastern market. The acquisition could have made the global online giant’s life a lot easier in cracking the region. Given that a counter offer of $150 million more comes from a local company, Amazon will likely have to compete with big money rivals for access to it.

Stick or twist? The secrecy around the deal would have made bidding a lot cheaper for Amazon. Now it is in the open things may get a lot more expensive and price even Amazon out of the market!

 
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