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Wednesday, 6 March 2019

Americana’s Adeptio to challenge FRA rejection of MTO-related appeal before court

M&A WATCH- Americana’s Adeptio to challenge FRA rejection of its appeal against MTO decision: The Egyptian International Tourism Projects Company’s (Americana Egypt) main shareholder Adeptio AD Investments will challenge before an administrative court the Financial Regulatory Authority’s (FRA) rejection of its appeal against an order to submit a mandatory tender offer (MTO) for Americana Egypt, the company said in an EGX disclosure (pdf). The FRA earlier this week rejected Adeptio’s appeal, asking the company to conduct a study on the fair share value, the authority said in a statement (pdf). Adeptio argues that its indirect ownership of Americana Egypt is less than 90% of its total capital and therefore does not require an MTO submission.

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