Sunday, 6 June 2021

The bookies should be running odds on who’s going to get Alex Medical

 Yas Holding launches bid for Alex Medical: It looks like yet another company has joined the bidding war for Abu Dhabi Commercial Bank’s (ADCB) 51.4% stake in Alexandria Medical, as the UAE’s Yas Holding (formerly known as Emirates Advanced Investments | LinkedIn) has made a mandatory tender offer for up to 100% of the Alexandria New Medical Center operator, the Financial Regulatory Authority said in a statement (pdf). The UAE-based group is targeting at least 51% of Alex Medical through an MTO at EGP 47.98 per share, valuing the company at close to EGP 684 mn.

Advisors: Pharos Holding’s former investment banking arm, which was acquired last year by National Bank of Egypt-owned Al Ahly Capital, is reportedly Emirates Advanced’s financial advisor on the transaction, according to sources quoted by Hapi Journal.

We’ve lost count at this point: The MTO is the latest in a string of bids to acquire the ADCB-held shares. It followed a parallel MTO launched by TAT for Medical Services — a subsidiary of Alexandria Healthcare Investments last week at EGP 45.53 apiece and another by Cleopatra Hospital fielded at EGP 38.53 each in mid-May. At least four other parties — including Nile Scan, healthcare investment firm Seha Capital, and a consortium led by Saudi’s Tawasol Holdings and Sherif El Akhdar’s LimeVest — separately expressed interest in the company but are yet to make their bids official.

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