These Alexandria bidding wars have us learning auction chants
Compass Capital ups ANFI bid in response to rival offer: Private equity outfit Compass Capital has made a higher offer to acquire 90% of Alexandria National Company for Financial Investments (ANFI), following in the footsteps of a rival bidder, Hong Kong-based Zeta Investments. Compass’ mandatory tender offer for ANFI will offer to snap up shares EGP 6.12 apiece, up from an EGP 5.72, the Financial Regulatory Authority said in a statement (pdf). The new offer values ANFI’s 5.22 mn shares at nearly EGP 32 mn. Compass’ higher bid came after Zeta raised its own per-share price to EGP 6.00 per share from EGP 5.48. Compass and Zeta aren’t the only two bidders eyeing ANFI.
And then there were two? So far, we have not heard from the other bidders who have expressed interest in acquiring ANFI in some, with Compass and Zeta appearing to be the only companies raising their offers. Offers to acquire ANFI had come from Tycoon Holding, which offered to acquire a 90% stake for EGP 5.60 per share. Then there’s Kayan Sustainable Development, Zaldi Capital, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan — who all expressed an interest in buying a stake in the company. Gulf lender Abu Dhabi Islamic Bank (ADIB) is the seller.