M&A WATCH- Khalil withdraws appeal, asks FRA for 60-day grace period to submit mandatory offer for Raya: Raya Holding founder Medhat Khalil has withdrawn his appeal against the conditions laid out by the Financial Regulatory Authority, which has ordered Khalil to sell down shares in Raya or make a mandatory tender offer for 100% of the company, according to an EGX disclosure (pdf). Khalil asked the FRA for a 60-day grace period to either submit the MTO or sell down the shares that triggered it in the first place. Khalil had approached at least four financiers since earlier this month to secure EGP 700-800 for the take-private bid.

Background: Khalil had appealed last month the conditions of an FRA-ordered MTO to acquire the full 100% stake in Raya. The authority ordered the MTO after declaring Khalil and immediate family members control more than 33% of the company, which triggered the MTO requirement. Khalil did not object to the MTO itself, but rather asked that an independent financial advisor be appointed to determine a fair share value, and requested a deadline extension to secure required financing.