The Abu Dhabi National Hotels Company said in a stock exchange statement that ADQ Holding Company, which is owned by the Abu Dhabi government, has withdrawn an offer to merge with the Abu Dhabi National Exhibitions Company (ADNEC).
Abu Dhabi National Hotels added that the Holding Company notified it, on Monday, not to pursue the proposed deal, according to CNBC Arabia.
ADQ Holding said last June that it had submitted an offer to Abu Dhabi National Hotels to merge with ADNEC.
The merger will create one of the largest hospitality, event and restaurant centers in the region, with assets of about 20 billion dirhams, which is equivalent to $5.45 billion, the company said.
The Abu Dhabi National Hotels did not reveal the reason for withdrawing the offer.
