Back to the complete issue
Tuesday, 12 November 2019

Egypt’s Ezz Dekheila Steel launches MTO for Ezz Rolling Mills

M&A WATCH- Ezz Dekheila launches MTO for Ezz Rolling Mills: Ezz Dekheila Steel presented yesterday a mandatory tender offer (MTO) to acquire 100% of Al Ezz Rolling Mills (ERM), according to a bourse disclosure. The MTO expires at the end of trading on 8 December, with the transaction set to close within five days of the MTO’s expiry. Ezz Dekheila’s offer would see the company buying ERM shares at EGP 23.07 apiece, or go the share swap route with every 51 shares of ERM swapped for 1 Ezz Dekheila share. The Financial Regulatory Authority had greenlit the MTO last week, paving the way for Ezz Dekheila Steel to acquire 89.9 mn shares in ERM to increase the parent company’s capital.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2018 Enterprise Ventures LLC.