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Wednesday, 9 June 2021

Aldar has more time to bid for SODIC

Aldar Properties has until 14 July to submit a mandatory tender offer for at least 51% of upmarket real estate developer SODIC after the Financial Regulatory Authority agreed to extend the deadline by 30 working days following a request by the Emirati real estate firm, the regulator said in a statement (pdf) to the EGX yesterday. The decision will give Aldar more time to complete its due diligence, which the company said it was halfway done with in May. The initial 60-day period was set to expire on 14 June.

The story so far: Aldar submitted in March a non-binding offer for a controlling stake at EGP 18-19 apiece, valuing the company at EGP 6.41-6.76 bn. Sodic’s board later agreed to allow the firm to start due diligence.

Advisors: EFG Hermes and an undisclosed international investment bank have the mandate to advise SODIC, while CI Capital is acting as the investment bank to the buyer.

Are you providing financial or legal advice on the transaction? Let us know at editorial@enterprise.press.

Correction: 14 July 2021. A previous version of this story incorrectly stated that the FRA extended the MTO deadline by one month.

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