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Wednesday, 8 November 2017

FRA approves Cairo 3A’s bid for NCMP, rejects rival offer from ADM; NCMP valued at EGP 1.33 bn

M&A WATCH- The Financial Regulatory Authority (FRA, formerly EFSA) has approved Cairo 3A’s mandatory tender offer to acquire 100% of the shares of the National Company for Maize Products (NCMP) at EGP 45 per share, according to a bourse statement. FRA also rejected an EGP 35.56 per share bid presented by ADM International SARL, a unit of Archer Daniels Midland (ADM). The ADM unit was the only other bidder remaining for NCMP remaining. Pharos Holding is sellside advisor to Misr Capital Investment (owner of the NCMP stake on offer), while CI Capital is advising Cairo Three A Group and Matouk Bassiouny is its legal counsel. CI Capital says Cairo 3A’s offer values NCMP at EGP 1.33 bn and that its mandatory tender offer is valid for a period of ten working days effective from 8 November 2017 ending 21 November 2017.

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