Bank Dhofar makes offer to acquire 100% of competitor Ahli Bank

Bank Dhofar makes offer to acquire 100% of competitor Ahli Bank

Oman’s second-biggest lender by market value, Bank Dhofar, has withdrawn its merger offer for Ahli Bank and put a new deal on the table to acquire 100 per cent of its rival.

The lender is offering the same terms for the complete takeover of Ahli Bank that it laid out in its revised merger offer submitted last week, Bank Dhofar said in a statement to the Muscat Securities Exchange, where its shares are traded.

“Having considered its options, the board of directors of Dhofar bank … resolved to make an offer to acquire 100 per cent of issued share capital … and to therefore withdraw our merger offer,” the lender said.

On May 17, Bank Dhofar submitted a non-binding revised offer for its merger with Ahli Bank, just a day after Oman International Development and Investment Company announced its intention to bid for the lender.