Dubai International Company (DIC) has decided to withdraw its takeover bid for Premiership side Liverpool after what it considered unacceptable stalling from the club's board. "Dubai International Capital LLC today announces that it has decided to end negotiations with Liverpool FC & Athletic Grounds plc about a possible investment in the club," the company said in a statement. "Having completed due diligence, DIC submitted a comprehensive offer to the Liverpool board. "The offer had been accepted in principle by majority shareholder David Moores. It appears that the Liverpool board and the majority shareholder David Moores were unable to approve these terms in order to allow DIC to make a formal offer to all shareholders." Liverpool board has decided on Tuesday not to formally accept the £156 million bid from the Dubai Company after the emergence of another convenient offer made by George Gillett Jr, owner of Montreal Canadians ice hockey team. Dubai company officials are disappointed given that they supplied all the necessities to complete the deal. "We are very disappointed to be making this announcement. DIC are a serious investor with considerable resources at our disposal," DIC executive chairman and chief executive officer Sameer Al-Ansari said. "At the same time, we are supporters of the game and of the club. Liverpool's investment requirements have been well publicised and, after a huge amount of work, we proposed a deal that would provide the club with the funds it needs, both on and off the pitch."
