Adeptio challenges Egypt’s FRA’s rejection of Americana MTO decision appeal
M&A WATCH- Alabbar’s Adeptio challenges FRA rejection of its appeal against Americana MTO decision: Adeptio AD Investments, the lead shareholder of Egyptian International Tourism Projects Company’s (Americana Egypt), has filed suit in an administrative court challenging the Financial Regulatory Authority’s (FRA) rejection of its appeal against an order to submit a mandatory tender offer (MTO) for Americana, Americana’s legal advisor Thaqeb Aawan said. The FRA earlier this month rejected the appeal, requesting that Adeptio, which is led by Emirati business figure Mohamed Alabbar, conduct a fair share value study of Americana. But Adeptio is still adamant that its indirect ownership of Americana is less than 90% of its total capital, and does not require an MTO submission. The FRA’s MTO order was originally made last January, when a minority shareholder appealed to the authority. Minority shareholders, who own some 3%, are continuing to pile pressure on the authority.