Arabian Cement has withdrawn its preliminary offer to acquire 99.9% of ASCOM subsidiary ASCOM Carbonate and Chemicals Manufacturing (ACCM), according to a bourse statement. Arabian Cement said its board of directors decided to withdraw the offer in the light of the negotiations that followed due diligence on the Qalaa Holdings-owned company. The company had submitted the preliminary offer in March and, at the time, noted it could submit a binding one “within three months.” ASCOM confirmed that no agreement was reached and said ACCM will continue operations normally.