Mobily Soars on Etisalat’s US $2.12 B Offer to Boost Stake

Saudi Arabia’s Mobily surged after Etisalat, the biggest phone operator in the United Arab Emirates, proposed to boost its shareholding in the firm in a deal that could be valued at $2.12 billion.
Etisalat offered 47 riyals a share for a higher stake in Mobily, a 22.2% premium to its Tuesday’s closing price
Mobily shares jumped 9.9% to 42.25 riyals in Riyadh, touching the 10% daily fluctuation limit in Saudi Arabia. Etisalat gained 1.4% in Abu Dhabi.