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Sunday, 29 December 2019

FRA extends the deadline of Titan Group to present its MTO to one month

M&A WATCH- Market regulator grants one-month extension to Titan Group on MTO deadline for Alexandria Cement: The Financial Regulatory Authority (FRA) extended by one month the deadline for Greek cement company Titan Group to present its mandatory tender offer (MTO) to acquire Alexandria Portland Cement, the FRA said in a statement. The new deadline is 26 January.

Background: Titan launched its MTO for 100% of Alexandria Portland Cement at EGP 6 per share, which made it an indirect majority owner through a related party and therefore triggered an MTO requirement. The FRA had ordered the Greek company last month to present an MTO, including a fair value assessment of Alexandria cement’s shares. Titan has yet to hire a financial advisor.

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