EFG Holding
HRHO
HRHO
Beltone Holding
BTFH
BTFH
The alliance comprising Beltone Financial Holding and Egyptian billionaire Naguib Sawiris said on Sunday it would not change its offer to buy a 20% stake in investment bank EFG Hermes at EGP 16 per share.
EFG Hermes said on Saturday independent financial adviser HC Securities & Investment had set its fair share price at EGP 22.93 ($3.21) whereas the price offered by Beltone and New Egypt Investment Fund for a stake in the bank was 30 % lower.
HC was hired this month to evaluate the fair value of EFG shares and help shareholders decide whether to accept an offer to acquire a 20 % stake in the bank at 16 pounds per share.
"We see that the price offered... is less than the fair value of the share," EFG Hermes said in a statement.
Beltone and Egyptian billionaire Naguib Sawiris are offering around $257 million for the EFG stake, with the offer document stating that EFG will also be granted the chance to take over the financial group that owns 17 companies specialising in investment and asset management activities among other operations.
EFG Hermes has said it does not consider it "economically viable" to accept the proposal to acquire Beltone Group, including Beltone Financial Holdings and Beltone Financial for Formation and Management of Portfolios and PE Funds.
EFG-Hermes announced on Thursday that the voluntary tender offer received from New Egypt Investment Fund and Beltone Financial for 20% stake in the company was extended till Sunday, July 6 instead of Thursday July 3.
The move came after the Egyptian Exchange (EGX) had announced that it will officially close on Tuesday, July 1.
Egyptian Financial Supervisory Authority (EFSA) announced that the voluntary tender offer received from businessman Naguib Sawiris and Beltone Financial Holding for a 20% stake in investment bank EFG-Hermes at EGP 16 per share will start on June 22.
The tender offer will be executed within the five business days at most after the bid expiry. The market regulator approved earlier the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes at EGP 16 per share. EFSA Head Sherif Samy said the bidders stipulate that they shall fully acquire the stake in order to complete the deal
EFG Hermes said on Saturday independent financial adviser HC Securities & Investment had set its fair share price at EGP 22.93 ($3.21) whereas the price offered by Beltone and New Egypt Investment Fund for a stake in the bank was 30 % lower.
HC was hired this month to evaluate the fair value of EFG shares and help shareholders decide whether to accept an offer to acquire a 20 % stake in the bank at 16 pounds per share.
"We see that the price offered... is less than the fair value of the share," EFG Hermes said in a statement.
Beltone and Egyptian billionaire Naguib Sawiris are offering around $257 million for the EFG stake, with the offer document stating that EFG will also be granted the chance to take over the financial group that owns 17 companies specialising in investment and asset management activities among other operations.
EFG Hermes has said it does not consider it "economically viable" to accept the proposal to acquire Beltone Group, including Beltone Financial Holdings and Beltone Financial for Formation and Management of Portfolios and PE Funds.
EFG-Hermes announced on Thursday that the voluntary tender offer received from New Egypt Investment Fund and Beltone Financial for 20% stake in the company was extended till Sunday, July 6 instead of Thursday July 3.
The move came after the Egyptian Exchange (EGX) had announced that it will officially close on Tuesday, July 1.
Egyptian Financial Supervisory Authority (EFSA) announced that the voluntary tender offer received from businessman Naguib Sawiris and Beltone Financial Holding for a 20% stake in investment bank EFG-Hermes at EGP 16 per share will start on June 22.
The tender offer will be executed within the five business days at most after the bid expiry. The market regulator approved earlier the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes at EGP 16 per share. EFSA Head Sherif Samy said the bidders stipulate that they shall fully acquire the stake in order to complete the deal
Source:
Mubasher
