Sawiris’ EFG-Hermes Bid Poised to Fail Amid Bets Price Too Low - Bloomberg:
"Billionaire Naguib Sawiris’ second bid in as many years for a stake in EFG-Hermes Holding SAE may fail after holders of Egypt’s biggest investment bank agreed to sell less than a quarter of the shares sought.
Owners of about 18.5 million shares approved the sale as of the 10 a.m. market-open in Cairo, well below the 114.7 million Sawiris and Cairo-based Beltone Financial Holding are seeking, according to Ashraf Akhnoukh, manager for Middle East and North Africa at Commercial International Brokerage Co., who cited bourse data available to traders. Sawiris and Beltone are seeking a 20 percent stake at 16 Egyptian pounds per share.
HC Securities & Investment, an independent adviser hired by EFG-Hermes to price its stock, arrived at a valuation of 22.93 pounds. The stake sale won’t be executed unless Sawiris’s bid gets all the stock it’s targeting, Sherif Samy, chairman of the Egyptian Financial Supervisory Authority, said June 18. Beltone would own about 2 percent of EFG-Hermes, according to the offer."
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