Arabtec Ex-CEO Rejects Aabar 5-Dirham Offer for Shares - Bloomberg:
"Arabtec Holding Co. (ARTC)’s largest shareholder and former chief executive officer, Hasan Ismaik, rejected an offer from Aabar Investments PJSC to buy part of his stake for 5 dirhams ($1.36) a share.
Ismaik and Aabar, a United Arab Emirates government-linked investment company that wants to increase its stake in Arabtec, are still in talks about the sale, the former chief executive said by telephone today. The offer may involve as much as half of his holding, Ismaik said.
Arabtec’s shares climbed to a six-week high today on speculation a deal may be struck soon. The stock closed 4.8 percent higher at 4.79 dirhams after surging as much as 8.1 percent. A public-relations representative for Aabar declined to comment when reached by Bloomberg News today."
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