Rameda throws its hat in the ring for GSK’s Egypt business
Ladies and gentlemen, we have a good, old-fashioned bidding war: Rameda Pharma is the latest to show interest in GlaxoSmithKline’s Egypt business, joining LSE-listed Hikma Pharma and pharma industry investor Acdima — who are both planning their own bids. The company has submitted a non-binding letter of interest to GSK and is asking the multinational pharma giant for the green light to start due diligence, Rameda said in an EGX filing (pdf) yesterday.
BACKGROUND- The race began last week, when GSK said that it had signed a non-binding agreement with Hikma ahead of a potential sale of the British pharma major’s 91.2% stake in the Egypt commercialization and manufacturing business. Both Rameda and Acdima plan to target the same stake through a tender offer.
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IN OTHER M&A NEWS-
Hong Kong-based Zeta Investments has submitted an offer to purchase 90% of brokerage house Alexandria National Company for Financial Investments (ANFI) at EGP 5.51 per share, according to disclosures from shareholders El Kahera El Watania Investment (KWIN) (pdf) and Abu Dhabi Islamic Bank (ADIB) (pdf).
Who owns what? KWIN currently owns some 40% of ANFI’s shares, while ADIB directly holds 9%. The Gulf lender has a total indirect stake amounting to 84.99%, due to owning a 74.75% stake in KWIN (pdf) and its subsidiary, ADI Lease, holding a 34.99% stake.