King Souq .com UDRP now relevant, as Complainant gets $800 million dollar windfall
Souq.com
The recent UDRP against KingSouq.com now makes sense, as the Complainant, Souq.com, has received a sizable acquisition offer.
Dubai’s Emaar Malls, operators of luxurious Middle East shopping centers, made an $800 million dollar offer to acquire Souq.com and its online retail business.
The offer appears to be a strategic move against Amazon.com.
The massive bid has not been accepted by the Souq.com shareholders so far; the online business is listed on the Dubai stock exchange.
According to a Reuters report, last week Amazon agreed in principle to buy Souq.com, founded in 2002 by Syrian-born entrepreneur Ronaldo Mouchawar.
The offer made by Amazon was $580 million dollars.
Now we know why Souq.com is so protective of its brand; last year, it filed a UDRP against TheSouq.com (won) and KingSouq.com (lost.)
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