FRA to review Titan Group’s MTO for Alexandria Cement
M&A WATCH- Regulator to review Titan Group’s MTO for Alexandria Cement: The Financial Regulatory Authority (FRA) has received and will begin reviewing a mandatory tender offer (MTO) Titan Group subsidiary Alexandria Development submitted for 100% of Alexandria Portland Cement, according to a regulatory filing (pdf).
Background: Greek cement company Titan had acquired Alexandria Development, which is Alexandria Portland Cement’s parent company, making it an indirect majority owner through a related party and therefore triggering an MTO requirement. The FRA had ordered Titan to present an MTO, including a fair value assessment of Alexandria Cement’s shares. Titan’s MTO for 100% of Alexandria Cement offered EGP 6 per share, and would see the company delist Alexandria’s shares from the EGX after the transaction.