Saudi king to buy Facebook
Almaty. March 1. Kazakhstan Today - Egyptian and Iranian mass media spread information King Abdullah of Saudi Arabia has made an offer to buy Facebook, Kazakhstan Today reports.
King Abdullah of Saudi Arabia has decided to make an offer of $150 billion to buy out Facebook, Tehran Times reported.
In a personal meeting between Mark Zuckerberg and King Abdullah on Jan 25, 2011, Zuckerberg had promised that he would not allow any revolt pages to be formed on Facebook even while he allowed Egypt and Libya revolt pages to be formed.
Left with no option, Abdullah advised by Goldman Sachs has decided to buy out Facebook and "clean out the weeds". The offer on the table is $150 billion. Facebook balance sheet was shown to King Abdullah and his kingdom advisors had mentioned that it is not even worth $1 billion given that it generates no profit. But the King threw the report into the dustbin and fired his advisors and decided to hand over the investment banking mandate to Goldman Sachs who put the value at $150 billion. The deal will be all cash.
Most analysts believe that Zuckerberg will not take the offer and will wait for King Abdullah to up the offer to at least $500 billion.
Arab News informs that a Saudi official denied on Monday that the Kingdom had offered to give SR562.5 billion ($150 billion) to purchase Facebook.
The official, who requested anonymity, said the Kingdom had not made any offer to Mark Zuckerberg, founder of the famous social media.
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