SCHEDULE: Anghami: OSN Streaming Revises Go-Private Offer to $3.75/Share

OSN Streaming Limited has submitted a revised non-binding proposal to Anghami Inc.'s special committee, increasing its offer to $3.75 per ordinary share in cash for a going-private transaction.

Summary

• OSN Streaming Limited has submitted an amended proposal to Anghami Inc.'s special committee to acquire all outstanding ordinary shares not currently owned by OSN Streaming and its affiliates.
• The revised offer increases the purchase price to $3.75 per ordinary share in cash.
• This revised proposal was submitted on September 11, 2026, and maintains other terms from the original proposal dated June 24, 2026.
• The reporting persons, including OSN Streaming Limited, OSN Streaming Holding Limited, Panther Media Holding Limited, Panther Media Group Limited, and Kuwait Projects Company (Holding) K.S.C.P, collectively beneficially own 7,417,345 ordinary shares and warrants representing 71.26% of Anghami Inc.'s class of securities.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as the revised offer indicates a firm commitment and an increased price, suggesting a strong interest in acquiring the remaining shares.

Positives

• The revised offer increases the cash price per ordinary share to $3.75, a potential benefit for minority shareholders.
• OSN Streaming reiterates its commitment to a swift due diligence process.
• The proposal is presented as not subject to any financing, regulatory, or other closing risks, offering certainty of value.
• OSN Streaming confirms it is only interested in acquiring shares it does not already own and has no intention to sell its stake to a third party.

Negatives

• The offer is still a non-binding proposal, and a definitive agreement has not yet been reached.
• The treatment of outstanding warrants is subject to further discussion and will be addressed in definitive transaction agreements.

Risks

• The transaction is contingent on the execution of definitive transaction agreements.
• The treatment of outstanding warrants requires further negotiation and agreement.
• While presented as having no financing risk, the finalization depends on the special committee's acceptance and negotiation.

Future Outlook

The filing indicates a continued pursuit of a going-private transaction by OSN Streaming, with a revised offer price and a commitment to a swift process, pending negotiation and execution of definitive agreements.

Management Comments

• OSN Streaming Limited is prepared to increase its proposed purchase price to $3.75 in cash per Ordinary Share.
• The treatment of outstanding warrants will be discussed with the Company and its advisers and addressed in definitive transaction agreements.
• OSN Streaming reiterates its commitment to a swift due diligence process.
• OSN Streaming is interested only in acquiring the outstanding Ordinary Shares that it does not already own and does not intend to sell its stake in the Company to any third party.
• The Acquisition will provide certain and immediate value to the Company's other shareholders and warrantholders through a transaction that is not subject to any financing, regulatory or other closing risks.
• OSN Streaming expresses its commitment to working together to bring the Acquisition to a successful and timely conclusion.

Industry Context

StockSavvy.ai notes that this revised offer in the digital media and entertainment sector, particularly for a company like Anghami which operates in specific regional markets, reflects ongoing consolidation trends. Companies with significant market share or strategic positioning may become acquisition targets for larger entities seeking to expand their reach or integrate services.

Stakeholder Impact

• Minority shareholders may benefit from the increased offer price of $3.75 per ordinary share.
• Warrantholders will have their warrant treatment addressed in definitive agreements, which could impact their potential returns.
• The going-private transaction, if successful, will result in Anghami Inc. no longer being a publicly traded company, affecting all public shareholders.

Next Steps

• Negotiation and execution of definitive transaction agreements.
• Discussion and resolution regarding the treatment of outstanding warrants.
• Completion of due diligence process.

Key Dates

Recommendation

The revised offer of $3.75 per share represents an increase and offers certainty of value without financing or regulatory risks, which is positive. However, it is a non-binding proposal, and the treatment of warrants is still to be determined. For existing holders, holding the position allows for potential upside if the deal closes at this price or higher, while awaiting definitive terms. It is not a strong buy as the deal is not guaranteed, nor a sell as the offer is improved and potentially attractive.

Keywords

Anghami Inc, OSN Streaming, going-private, acquisition, special committee, warrants, non-binding proposal, tender offer