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ADCB receives binding offer from TAT for stake in Alexandria Medical Services

ADCB receives binding offer from TAT for stake in Alexandria Medical Services
The price per share is valued at EGP 45.53
ADCB
ADCB
1.45% 8.40 0.12

Mubasher: Abu Dhabi Commercial Bank (ADCB) has received a binding offer from TAT for Medical Services, a subsidiary of Alexandria Healthcare Investments, to acquire the bank's 51.54% stake in Alexandria Medical Services - Alexandria New Medical Center.

TAT for Medical Services has submitted the binding offer to acquire ADCB's shares through a mandatory tender offer (MTO) for up to 100% of Alexandria Medical Services' shares at a total value of EGP 650 million, according to a bourse filing on Monday.

The price per share is valued at EGP 45.53 and should be decreased in case the issued capital increase of the bonus shares has been executed before the MTO is completed.

The binding offer is subject to required regulatory approvals for the MTO, including the approval of the Ministry of Health and Population and the Financial Regulatory Authority (FRA).

It is noteworthy to mention that in early May, ADCB received two additional preliminary non-binding offers from potential investors to acquire the bank's 51.54% stake in Alexandria Medical Services.