FRA extends the deadline of Pioneers Holding to present its MTO to ten days
M&A WATCH- FRA grants Pioneers Holding 10-day extension for MTO: The Financial Regulatory Authority (FRA) has extended by 10 business days Pioneers Holding’s deadline to present its mandatory tender offer (MTO) to raise its share in five of its EGX-listed subsidiaries to 90%, the FRA said in a statement (pdf). The extension was granted because Fincorp, is still working on the fair value assessment, the statement added.
Background: Pioneers Holdings’ board of directors had agreed to make non-cash mandatory tender offers in early October. The company hired UHY United as a financial advisor and Baker McKenzie as legal advisor for the potential transaction. The company plans to restructure into three companies: Pne in financial services, the other in real estate, and another in the industrial sector after completing transactions. CEO Walid Zaki had said earlier that the company intends to complete the process by the end of this year.