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Dubai Holding bid for Refco gets rejected
BY A STAFF REPORTER
19 October 2005
19 October 2005
DUBAI — A $1 billion (Dh3.675 billion) offer by Dubai Investment Group to buy Refco Inc., the broker reeling from a bad debt scandal, and all its assets, has been rejected, according to a Bloomberg report.
Refco has filed for bankruptcy court protection and agreed to sell its futures-trading business to a group led by J.C. Flowers & Co. for $768 million (Dh2.822 billion).
The agreement between Flowers and Refco isn't binding, according to the statement made by Refco.
According to the report, Dubai Investment Group Chief Executive Soud Ba'alawy said in a telephonic interview the company, a subsidiary of Dubai Holding, is still interested in buying Refco's assets.
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