Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved to publish the disclosure form of the mandatory tender offer (MTO) submitted by Al Ezz Dekheila Steel – Alexandria to fully acquire El Ezz Rolling Mills (ERM), owned by Ezz Steel.

Al Ezz Dekheila Steel – Alexandria offered to acquire ERM at EGP 23.07 per share and/or a stock swap of 51 shares of ERM in exchange for each stock of Al Ezz Dekheila Steel – Alexandria’s capital raise shares, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The offer includes buying 89.89 million shares to top up Al Ezz Dekheila Steel – Alexandria’s stake in ERM to 100%.