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Tuesday, 7 June 2022

Beltone gives its suitors the nod to conduct due diligence ahead of potential acquisition

Beltone Financial has given the go-ahead to a consortium of investors to conduct due diligence after it submitted an offer to acquire between 51% and 90% of the company this week, Beltone said in an EGX disclosure (pdf). The investors, led by WM Consultancy, have offered to buy the shares at EGP 1.35 apiece, a near 30% premium to the company’s closing share price on Thursday and valuing the company at around EGP 601.6 mn. The consortium will need approval from the Financial Regulatory Authority before it can start due diligence, Beltone said. WM Consultancy is led by former Beltone exec Wael Mahgary.

ADVISORS: Beltone’s board agreed to hire a legal advisor to review the offer, it said. Zaki Hashem & Partners is acting as legal advisor to the WM alliance, while Deloitte-Saleh, Barsoum and Abdel Aziz is ًWM’s financial auditor.

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