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Cairo 3A submits offer to acquire stake in Starch & Glucose Co.

Cairo 3A submits offer to acquire stake in Starch & Glucose Co.

ArabFinance:  Cairo Three A for International Industries S.A.E ("Potential Buyer") submitted binding offer letters to purchase Americana Group (EITP) and Cairo Poultry (POUL) stakes in Starch and Glucose Industries(ESGI) share capital. It targeted to acquire Americana and Cairo Poultry stakes, which represent 11,636,789 and 13,654,312, respectively.

The offer is subject to the submission of a mandatory tender offer from the potential buyer.

The offer is valued at a price ranging from EGP 450,000,000 to EGP 510,000,000 implying a price per share of the company ranging from EGP 8.986 to EGP 10.184.

The determination of the final price within the range is subject to a confirmatory due diligence exercise which the potential buyer will conclude on or before April 9, 2020 the company said, adding, the offer, when accepted, bounds Americana to accept any price offered by the potential buyer with range and sell its shares in response to the offer. 

According to the offer, the potential buyer is suggesting the filling of a mandatory tender offer application on or before April 12, 2020.

Read More: Americana Group’s business volume in Egypt hits $8B

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