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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.

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