Arab Finance: The board of Maridive and Oil Services has agreed to enable the Arab Energy Fund to conduct due diligence after receiving a non-binding offer to acquire a 20% stake in the offshore services provider, according to a bourse disclosure.
The board also approved a non-disclosure agreement (NDA) and taking all necessary measures to safeguard the confidentiality of the company's data and information throughout the review process.
Maridive stressed that permitting due diligence does not constitute an acceptance, recommendation, or approval of any potential acquisition offer by either the company or its board.
The company added that the due diligence process does not create any legal or financial obligations on its part.
In July, the Arab Energy Fund announced its intention to submit a non-binding offer to acquire up to a 20% stake in Maridive at a price ranging between $0.65 and $0.72 per share.
