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Emaar Malls said to offer US$800M for Dubai e-retailer

Emaar Malls PJSC submitted a US$800 million bid for Dubai e-retailer Souq.com, which included a US$500 million convertible deposit, according to a DealStreetAsia report.

The Emaar Properties PJSC unit's bid for the e-retailer stands against an existing bid made by e-commerce giant Amazon.com Inc., which has an exclusivity clause in its takeover negotiations for Souq.com, the media outlet indicated, citing sources with knowledge of the matter.

Amazon had struck a deal to purchase the e-retailer for more than US$650 million after mulling several options for the acquisition, which included buying a nearly 30% stake in Souq.com in November 2016 and considering a full US$1 billion acquisition of the platform, which it later withdrew from in January.

No final takeover agreement has been reached between any of the parties, according to the March 25 report.