FRA extends Titan Group’s MTO deadline for Alexandria Cement another month
M&A WATCH- Market regulator extends Titan Group’s MTO deadline for Alexandria Cement shares by another month: The Financial Regulatory Authority (FRA) granted Greek cement company Titan Group another one-month grace period to present its mandatory tender offer (MTO) to acquire Alexandria Portland Cement, the regulator said in a statement (pdf). The extension is effective upon completion of the first one month extension which expired yesterday.
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.