Gulf Union says no impact from Al Ahlia’s merger rejection

Gulf Union Cooperative Insurance Co. said there will be no financial impact on its capital as a result of Al Ahlia for Cooperative Insurance Co.’s rejection for the merger offer submitted by the company.

Any updates will be disclosed in a timely manner, the insurer added in a bourse statement.

On Monday, Al Ahlia’s shareholders rejected the merger offer submitted by Gulf Union through a full acquisition of the Al Ahlia’s shares via a security swap offer, according to data compiled by Argaam.