OSN Streaming, the majority stakeholder in Anghami, has put forth a preliminary non-binding proposal to acquire the remaining shares of Anghami it does not already own, offering $3.39 per share in cash. Anghami, a streaming platform established in 2012 by Eddy Maroun and Elie Habib, currently has OSN holding approximately 67% of its outstanding shares. While the proposal has been made, it remains contingent upon the recommendations of a special committee, board approval, and necessary shareholder and regulatory approvals. Notably, MBC Group holds a 13.7% stake in the Nasdaq-listed Anghami, adding another layer of complexity to the potential transaction. The company has not ruled out the possibility of remaining publicly listed as discussions progress.
In light of the proposal, Anghami's Board of Directors has appointed three independent directors to form a special committee tasked with evaluating the offer and exploring strategic alternatives. This committee, chaired by Nathan Scott Fine, will have the authority to negotiate and determine the best course of action for Anghami and its non-OSN shareholders. The committee is empowered to retain independent advisors to assist in its review, ensuring that the interests of all shareholders are considered in any decision-making process.
As the situation evolves, Anghami has indicated that no definitive agreement is currently in place, and the company will not disclose further developments unless deemed necessary. Shareholders are not required to take any action at this time, as the proposal is still in its preliminary stages and subject to further evaluation.
In light of the proposal, Anghami's Board of Directors has appointed three independent directors to form a special committee tasked with evaluating the offer and exploring strategic alternatives. This committee, chaired by Nathan Scott Fine, will have the authority to negotiate and determine the best course of action for Anghami and its non-OSN shareholders. The committee is empowered to retain independent advisors to assist in its review, ensuring that the interests of all shareholders are considered in any decision-making process.
As the situation evolves, Anghami has indicated that no definitive agreement is currently in place, and the company will not disclose further developments unless deemed necessary. Shareholders are not required to take any action at this time, as the proposal is still in its preliminary stages and subject to further evaluation.
Source: Wamda
