The controlling shareholder, which already holds a 67% stake in Anghami, intends to fund the buyout through a combination of equity and affiliate financing. In response to the unsolicited bid, the Anghami board has moved to insulate the negotiation process by appointing independent directors Nathan Scott Fine, Guergui Saykov Stoyanov, and Chiara Marcati. These new members will serve on a special committee tasked with evaluating the merits of the offer and conducting formal discussions with OSN.

Investors reacted with skepticism to the news, driving Anghami shares down 10% to $2.91 in after-hours trading on Tuesday. This decline extends a broader downward trend for the stock, which has shed approximately 14% of its value since the start of the year.