Aldar gets more time for SODIC MTO
Aldar Properties has another 30 working days beyond a previous 2 August deadline to submit a mandatory tender offer for no less than 51% of real estate developer Sodic’s shares, after the Financial Regulatory Authority extended the bidding deadline based on a request by the Emirati real estate firm, the regulator said in an EGX statement (pdf). The decision gives Aldar more time to complete its due diligence, which the company said it was halfway done with in May. This is the third time the FRA has pushed the deadline.
Background: Aldar submitted in March a non-binding offer for a controlling stake in Sodic at EGP 18-19 per share, valuing the company at EGP 6.41-6.76 bn.
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.