Arab Finance: The Financial Regulatory Authority (FRA) approved Al Baraka Bank Egypt's mandatory tender offer (MTO) to acquire 329.472 million shares in Al Tawfeek Leasing Company (A.T. Lease), according to a bourse statement issued on August 17.
The majority stake represents up to 90% and a minimum of 51% of the company’s total share capital.
The FRA called on A.T. Lease’s board to outline its opinion on the offer within 15 days of the authority’s approval, excluding the votes of the offeror and related parties from the total board vote.
The company’s statement shall assess the feasibility and potential outcomes of the offer, as well as its significance for A.T. Lease, its shareholders, and employees.
Moreover, the company's board must appoint an independent financial advisor registered with the FRA, subject to the approval of the board’s independent or experienced members who are not affiliated with the offeror.
Finally, A.T. Lease must disclose the independent financial advisor’s findings to shareholders at least five days before the MTO expires.
