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Wednesday, 15 April 2020

FRA approves Alexandria Development’s purchase of 1.28% of Alexandria Portland Cement

M&A WATCH- Market regulator accepts Alexandria Development’s MTO for 1.28% of Alexandria Portland Cement: The Financial Regulatory Authority (FRA) has approved Alexandria Development’s offer to purchase 1.28% or 5.84 mn shares of Alexandria Portland Cement at EGP 6 apiece, according to an EGX disclosure (pdf).

An MTO long in the works: The FRA received Alexandria Development Company’s submission of a mandatory tender offer (MTO) for 100% of Alexandria Portland Cement in February after the 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 last year. Alexandria Development’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.

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