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Monday, 3 February 2020

Cairo 3A bids for Americana’s stake in Egyptian Starch and Glucose

M&A WATCH- Cairo 3A bids for 91.5% stake in Egyptian Starch and Glucose: Cairo 3A has made an offer to buy 45.8 mn shares held by three major shareholders in the Egyptian Starch and Glucose Company, according to a bourse disclosure (pdf). The poultry and commidities trader offered to buy a all of Egyptian International Tourism Projects Company’s (Americana Egypt) 23.2% stake, all of Americana Egypt’s parent company Americana Group’s 41% stake, and all of Cairo Poultry’s 27.3% share for EGP 8.98-10.18 per share, valuing the 91.5% stake at EGP 450-510 mn. The final price will be determined by due diligence which will conclude by 9 April. Cairo 3A has suggested filling a mandatory tender offer application by 12 April. The current shareholders will convene on 6 February to review the initial bid and the price range proposed by Cairo 3A.

Cairo 3A is reportedly preparing to IPO on the EGX this year, with CI Capital the frontrunner to quarterback the transaction. Information on the size of the offering and an exact date have not yet been released.

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