Banque Misr will get the 90% stake in CI Capital it sought after a majority of the company’s shareholders agreed to sell their shares for the EGP 4.70 offer lodged by the state-owned bank earlier last month, CI said in a disclosure to the EGX (pdf) on Thursday.

Shareholders queued up to sell their shares: The tender offer, which wrapped up on Thursday, was 1.1x oversubscribed, with shareholders agreeing to sell some 720.8 mn shares. This is equivalent to 72% of CI Capital shares — more than the 65% stake targeted by the bank.

But Banque Misr won’t buy them all: Banque Misr — which already owns a 24.7% stake in the company — will only purchase 653 mn shares through the MTO, a source at CI Capital told us, speaking on condition of anonymity. Following the acquisition, Banque Misr will own 90% of the company and the remaining 100 mn shares remain in freefloat on the EGX, the source added.

The transfer of ownership will be wrapped up within five working days, the source said.

The news comes days after CI Capital’s board rejected Banque Misr’s offer, saying a fair price was 20% higher than Banque Misr’s bid. The bank later said it had no plans to hike the price of its offer.