Middle Eastern pay-television operator OSN is the subject of a full take-over bid from an unnamed buyer, its parent company said on Sunday, a deal that could prove to be one of the largest acquisitions of a regional business in recent years. Kuwait Projects Company (KIPCO), which owns 60.5 percent of OSN, said in a bourse filing it would evaluate the bid alongside its partner and update the market if there were any developments.
Saudi Arabia-based Mawarid Group owns the rest of OSN, according to the TV firm's website.
No value for the bid was given in the statement. However, brokerage Arqaam Capital last year valued OSN at $4.3 billion.
OSN, which has operations across the Middle East and North Africa and posted earnings of 139.5 million dinars ($494 million) in 2013, was a candidate for an initial public offer of shares this year, although the company dampened those expectations in recent weeks.
KIPCO said early this year that a flotation could happen on the London stock exchange in 2014, but OSN chief executive David Butorac told reporters in May that a share sale was not imminent.
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