Cairo Cotton in talks to buy shares of Dice amid merger negotiations
M&A WATCH– Cairo Cotton wants Dice stake as part of takeover: Cairo Cotton Center is looking to purchase a share of Dice Sport and Casual Wear as part of ongoing talks for Dice to acquire Cairo Cotton, Chairman Magdy Tolba tells Al Mal. Tolba did not provide any details on the size or value of the stake his company is eyeing.
Dice, on the other hand, rejected reports that it was intending to merge or sell a stake of the company in the coming period.
Background: We reported in October that Dice was aiming to acquire Cairo Cotton by the end of last year. The firm is completing due diligence on the EGP 140 mn acquisition. Dice had said in April of last year that it was considering an EGP 100 mn medium-term loan from CIB to partially fund the acquisition with the remaining amount coming from its cash reserves.