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Monday, 24 December 2018

Raya founder mulling two proposals from Egyptian, int’l banks to finance MTO

M&A Watch- Raya founder mulling two proposals to finance MTO: Raya Holding founder Medhat Khalil is considering two separate proposals from a local and international bank for an EGP 700-800 mn financing package to fund his take-Raya-private bid, Raya CFO Hossam Hussein said, according to Al Mal. We had reported last month that Khalil had approached at least four banks to execute a mandatory tender offer to acquire 58% of Raya’s shares, a stake he estimated is worth some EGP 500 mn. The Financial Regulatory Authority ordered Khalil to submit the MTO after it was revealed he and related parties control a stake in the company exceeding the 33% threshold which triggers MTOs.

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