Cairo 3A to submit MTO for Strach and Glucose acquisition no later than mid-April
Updated 4/8/2020 4:40:00 PM
ArabFinance: Cairo 3A for International Industries Company (potential buyer) submitted the final offer to purchase the stakes of Egyptian International Tourism Projects (EITP) and Cairo Poultry (POUL) in Starch and Glucose Industries' (ESGI) capital.
Given the fallout of the spreading coronavirus on the financial market, the potential buyer offers to purchase ESGI's share at EGP 8.54 per share.
According to the final offer, the Mandatory Tender Offer will be submitted to the Financial Regulatory Authority (FRA) no later than April 14th subject to the main shareholders' approval.
It targeted to acquire Americana and Cairo Poultry stakes, which represent 11,636,789 and 13,654,312, respectively.
The offer is valued at a price ranging from EGP 450,000,000 to EGP 510,000,000 implying a price per share of the company ranging from EGP 8.986 to EGP 10.184.
The determination of the final price within the range is subject to a confirmatory due diligence exercise which the potential buyer will conclude on or before April 9, 2020 the company said, adding, the offer, when accepted, bounds Americana to accept any price offered by the potential buyer with range and sell its shares in response to the offer.
