Kuwait Projects Company (KIPCO) said in a bourse filing that it had rejected a $3.2 billion takeover offer from a US private equity firm for its Dubai-based pay-TV subsidiary OSN.
KIPCO, which owns 60.5% of OSN, and Saudi Arabia-based Mawarid Group which holds the remainder, jointly refused the offer.
The offer consisted of $2.4 billion in cash and a $800 million subject to certain conditions, according to the statement from KIPCO. It said the offer was for between 51 and 100% of OSN.
OSN was valued at $4.3 billion by Arqaam Capital, a brokerage firm, last year.