Titan Group bids EGP 6 / share in MTO for 100% of Alexandria Cement
M&A WATCH- Greek cement company Titan Group launched its mandatory tender offer (MTO) for 100% of Alexandria Portland Cement at EGP 6 per share, Alexandria Cement said in a bourse disclosure (pdf). Titan plans to delist Alexandria’s shares from the EGX after completing the transaction, according to the disclosure. The offer has yet to be reviewed and approved by the Financial Regulatory Authority, while the company has to hire a financial advisor.
Background: Titan had acquired Alexandria Cement’s parent company, Alexandria Development, which made it an indirect majority owner through a related party and therefore triggered an MTO requirement. The Financial Regulatory Authority had ordered the Greek company last month to present an MTO.