UAE's Aabar to raise minority buyout price | Reuters

UAE government officials have told Aabar Investments AABAR.AD to raise its buyout offer to minority shareholders by over a third after the Abu Dhabi company angered investors with a lowball bid.

Aabar, controlled by government investment vehicle International Petroleum Investment Corp (IPIC), must increase the price to 1.95 dirhams per share from the 1.45 announced last week, the United Arab Emirates' bourse watchdog said in a statement on Sunday, citing the ruling of a panel that included officials from the UAE economy ministry.

The announcement from the Emirates Securities & Commodities Authority (ESCA) sent Aabar's share price up 9.7 percent to 1.59 dirhams, near the 10 percent limit on daily share movements, and drew renewed criticism from an investment community already angry that the initial offer was so low.