Kuwait's Zain, which is trying to sell its Saudi operations worth $750 million as part of a proposed buyout to Etisalat, rejected all three offers for Zain Saudi on Saturday, a source told Reuters.
A proposed $12 billion takeover of Zain by Etisalat depends on the sale of the assets in Zain Saudi, because of regulatory requirements.
"The board met today and declined all three offers," the source, familiar with the discussions, told Reuters.
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