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Sunday, 28 January 2018

United Pharma IV, ACDIMA merger falls apart

M&A WATCH- United Pharma IV, ACDIMA merger falls apart: United Pharma IV rejected ACDIMA’s offer to acquire it for EGP 320 mn, United Pharma IV Chairman Abdullah Mahfouz tells Al Borsa. Mahfouz added that his company, which he believes is valued at EGP 600 mn, ended talks after ACDIMA held on to its offer. He said that the company has decided to reject all bids to buy it and will focus now on restarting its IV factory, which was shuttered by the government back in 2015 after an outbreak of poisoning. He did state that the company could entertain offers sometime in the future. ACDIMA’s acquisition had been a foregone conclusion, after Mahfouz himself said back in August that the company was supposed to close the transaction within the month. Olfat Ghorab, CEO of the The state-owned ACDIMA, had said as early as last November that the company was even eyeing new acquisitions.

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