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Monday, 13 July 2020

FRA approves Adeptio’s minority purchase offer of Americana Egypt

M&A WATCH- Adeptio’s offer to buy out minority shareholders of Americana Egypt gets nod from regulators: The Financial Regulatory Authority (FRA) has approved Adeptio’s offer to purchase a 9.6% stake in Americana Egypt at EGP 6.32 per share, it said in a statement (pdf). The regulator has also required Adeptio purchase any shares that are later offered by Americana outside of those outlined in the current purchase agreement within a six month period at the same price.

Background: Americana Egypt shareholders approved last week Adeptio’s purchase offer after it had been revised upwards at the request of the FRA who indicated that the offer price must account for the value of the company as a whole, rather than the minority shares targeted in the MTO.

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