UAE’s NAS inches closer to becoming the majority shareholder of Egyfert

Egyfert shareholders have until 25 May to sell their shares to NAS Investment Holding starting today, as part of the UAE-based company’s mandatory tender offer to increase its stake from 32.4% to up to 90%, according to a bulletin from the EGX (pdf) and a disclosure from the Financial Regulatory Authority (pdf). The transaction is valued at EGP 524.4 million, with shares priced at EGP 95 apiece, and will be financed through Nas’ own resources. Nas doesn’t have plans to delist Egyfert from the EGX.

The FRA granted Egyfert 15 days to disclose its opinion on the feasibility of the offer.  It also obligated the company to appoint an independent financial advisor not related to the offer and to disclose to shareholders the findings of the advisor's report at least five days before the end of the mandatory tender offer period, according to a separate disclosure (pdf).

ADVISORS—Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co. and White & Case are legal advisors.