EFG-Hermes Holding, the biggest publicly traded Arab investment bank, rejected a US$1.1bn bid from an Egyptian company backed by billionaire Naguib Sawiris in favor of a venture with Qatar’s QInvest.
Planet IB's EGP13.5-a-share offer lacked details on the “financing resources” as well as information about the investors, Cairo-based EFG-Hermes said today.
The bid is 23 percent more than the stock’s May 31 close. The shares rose 1.3 percent to EGP11.11 at 2:26 pm in Cairo, while the benchmark EGX 30 Index was down 1.3 percent.
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