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Sunday, 19 November 2017

Major NCMP shareholders accept Cairo Three A MTO, ADM might remain in pursuit

M&A WATCH- Major NCMP shareholders accept Cairo Three A MTO, ADM might remain in pursuit: National Company for Maize Products (NCMP) shareholders Misr Capital Investments and National Bank of Egypt have accepted Cairo Three A’s mandatory tender offer to acquire their stakes in the company at EGP 51 per share, according to a bourse statement. The shareholders own a combined 52.61% stake in NCMP. Still unresolved is the issue of why Archer Daniels Midland’s (ADM) bid for the company was rejected by the Financial Regulatory Authority. ADM has directed its counsel on the acquisition, Shahid Law, to petition the FRA for an explanation. ADM is also asking Investment Minister Sahar Nasr, with whom ADM executives had met several times to discuss the transaction, to clarify what’s going on. The global commodities player is meanwhile said to be considering upping its bid for NCMP to EGP 55 per share, sources tell Al Mal.

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