Back to the complete issue
Wednesday, 31 May 2017

ADM makes mandatory tender offer for sweetener- and starch-maker NCMP as the year’s hottest bidding war continues

M&A WATCH- Archer Daniels Midland (ADM)’s Swiss unit has made a mandatory tender offer for controlling interest in Egyptian sweetener- and starch-maker National Company for Maize Products (NCMP), Arab Finance reports. ADM is looking to acquire anywhere between 51-100% of NCMP at EGP 35 per share. ADM has filed a request for approval from the Egyptian Financial Supervisory Authority, which confirmed it is looking into the transaction (pdf). NCMP has been one of the most hotly-contested M&A transactions of the year so far: ADM has seen stiff competition to acquire Misr Capital Investment’s 42.96% share in NCMP after Al Mona Misr (the local affiliate of global commodities giant Louis Dreyfus) and Cairo Three A Group presented competing bids and a subsidiary of EK Holding subsequently threw its hat into the ring. Pharos Holding drummed up the interest from bidders as sell-side advisor to Misr Capital Investments, while EFG Hermes is reportedly advising ADM. Al Mal also has the story this morning. Al Tamimi & Co. is legal advisor to Misr Capital Investments. Misr Capital is a subsidiary of state-owned bank Banque Misr.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.