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Monday, 3 February 2020

Adeptio appeals FRA’s rejection of Americana Egypt MTO

M&A WATCH- Adeptio appeals FRA’s rejection of Americana Egypt MTO: Adeptio has reportedly scheduled a court date in March with Cairo’s Administrative Court to appeal the Financial Regulatory Authority’s (FRA) decision to block the company’s mandatory tender offer (MTO) for a minority stake in the Egyptian International Tourism Projects Company (Americana Egypt), legal sources told Al Mal. Adeptio had initially argued it should not be required to submit an MTO, but the company’s appeal and a separate suit filed with an economic court were both rejected. The FRA then rejected the MTO Adeptio had submitted, saying the offer was too low.

Adeptio threatened legal action last November over the FRA’s rejection of the company’s MTO, citing a media smear campaign against the company that influenced the regulator’s decision.

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