M&A WATCH- Pioneers Holding requests 30-day extension for MTO deadline to appoint new financial advisor: Pioneers Holding has submitted a request to the Financial Regulatory Authority (FRA) for a 30-day extension to submit its mandatory tender offer (MTO) for five of its subsidiaries to appoint a new independent financial advisor to conduct fair value assessments , according to an EGX disclosure (pdf). Pioneers had appointed Fincorp for the assessment, but the FRA suspended last week Fincorp from carrying out valuation studies for three months over an unrelated fair value report for the Egyptian International Tourism Projects Company (Americana Egypt).

Background: Pioneers Holding had already submitted its MTO for a 90% stake in five of its subsidiaries last week after having had their deadline for MTO pushed back in late December while Fincorp conducted its financial evaluation. Pioneers Holdings’ board of directors had agreed to make non-cash mandatory tender offers in early October.