According to the filling, the offer stands at a share swap ratio of a single B Investments share for 56.76 shares of OFH
Investment management firm B Investments has submitted an acquisition offer for Orascom Financial Holding (OFH), according to a stock market filing earlier today.
B Investments is looking to purchase up to 90% of Orascom Financial Holding through a mandatory tender offer (MTO) via a share swap.
According to the EGX statement, the offer stands at a share swap ratio of a single B Investments share for 56.76 shares of OFH.
B Investment’s board of directors has authorized the distribution of relevant documents to regulatory bodies, and has signed an agreement with OFH's main shareholder "outlining the general framework for executing the acquisition”.
Currently, OFH’s majority shareholder is OTMT Acquisition company, owned by the Sawiris family, with 51.6%. Orascom Financial Holding’s shares surged during trading, climbing by 19.83%.
In a recent report by global law firm, Baker McKenzie, Egypt’s mergers and acquisition numbers have dropped to 115 during H2 of 2022, with overall M&A activity recording $4.2 billion, compared to 126 deals worth $4.3 billion in H2 2021.
