Arab Finance: Cyprus-based NNS Holding, owned by Egyptian billionaire Nassef Sawiris, plans to launch a voluntary all-cash public offer for all issued and outstanding shares of OCI Global N.V. at an offer price of €4.10 with a dividend per share, according to a press release.
The offer comes as OCI seeks to resolve an ongoing impasse surrounding its planned transaction with Orascom Construction.
NNS submitted a first proposal for the transaction on May 11th, and the board members have assessed and evaluated the offer, supported by its independent financial and legal advisers, and have considered it against alternative scenarios, including a solvent wind-down.
OCI’s board, other than the Enterprise Court-appointed members, concluded that minority shareholders shall have the opportunity to benefit from both a cash exit and participation in the value creation associated with the Orascom Construction transaction.
Therefore, the company supported a EUR 4.10-per-share cash offer in combination with the proposed transaction with Orascom Construction, noting that this view has been reinforced by feedback from several large shareholders in recent communications.
It is worth highlighting that Nassef Sawiris and Nadia Sawiris did not participate in discussions, deliberations, or decision-making related to the proposal.
