Cairo-Mubasher: Egypt’s stock market on Wednesday executed the mandatory tender offer for shares in Minapharm Pharmaceuticals at a total value of EGP 128.2 million.

The tender offer was executed on 3.4 million shares at EGP 37.5 each, the Egyptian Exchange added.

It was reported earlier that the total number of shares that responded to the tender offer submitted by Dutch Trekwerk BV for a 46.71% stake in Minapharm Pharmaceuticals amounted to 59.55% of target shares.

The Dutch company’s bid expired on 1 April.

The Egyptian Financial Supervisory Authority (EFSA) earlier approved the obligatory tender offer submitted by Trekwerk BV Co. to buy 5.7 million shares, or a 46.71% stake in Minapharm at EGP 37.5 per share.

 Minapharm earlier announced that it had received a letter from Trekwerk BV for a potential takeover of up to 100% in the company’s capital.

 Minapharm is capitalised at EGP 123.7 million, divided into 12.4 million shares at EGP 10 par value each.