First Abu Dhabi Bank has announced the withdrawal of its non-binding offer to acquire a majority stake in Egypt's EFG Hermes Holding, CNBC Arabia reported.
Hermes announced in early February that it had received a non-binding initial purchase offer from the bank; For the potential cash acquisition of a majority stake of no less than 51% of the issued company’s capital shares, at an estimated purchase price of 19 pounds per share.
The company said at the time that the completion of the deal and setting the final price is conditional on conducting the due diligence process on the company and obtaining the required regulatory approvals, through a compulsory purchase offer on All company shares.
Hermes' board of directors decided, in mid-February, to appoint an international financial advisor and an Egyptian legal advisor to provide financial and legal advice regarding the purchase offer submitted to acquire the company by Abu Dhabi Bank. The first.
The Egyptian group's board of directors decided in late February to appoint Goldman Sachs as the company's financial advisor and White & Case as legal advisor to advise the board on the bank's bid offer.
The company said at the time that the appointment of an independent financial advisor comes to prepare a study of the fair value of the share in the event that the UAE bank submits a compulsory purchase offer; With the aim of clarifying that value to shareholders and protecting their interests.
Hermes achieved a net profit of 1.12 billion pounds from the beginning of January 2021 until the end of last September, compared to 849.8 million pounds during the same period in 2020.
