M&A WATCH- Pioneers Holding to move ahead with its five-way MTO after lowering share swap price: Pioneers Holding has decided to proceed with acquiring new stakes in five of its subsidiaries despite the Financial Regulatory Authority (FRA) requesting that it lower the share prices from the valuation submitted earlier this month, according to a regulatory filing (pdf). Pioneers plans to make non-cash mandatory tender offers to increase its shares to 90% in five companies, including two real estate developers, two contracting arms, and one electric cables manufacturer. The fair value study conducted by Financial Advice Corporate Transactions (FACT) valued Pioneers’ share price at EGP 9.84, but this will now be lowered to EGP 8.66 according to the FRA’s demands. Each of the company’s five subsidiaries have also had their share prices revised downwards, most notably that of Cairo Housing and Development which had its share price cut to EGP 28.58 down from EGP 32.43. Pioneers said it has agreed to the FRA’s assessment to complete the transaction quickly.

Advisors: The company has hired UHY United as a financial advisor and Baker McKenzie as legal advisor for the potential transaction.