Andersen to advise on Tawasol-LimeVest takeover offer for Alexandria Medical Services

Egypt’s Alexandria Medical Services Company, also known as Alexandria New Medical Center (ANMC), has tapped Andersen as its financial advisor to study a takeover offer submitted by an investment firm Tawasol Holding and PE growth expansion fund LimeVest Partners.

The Egyptian Financial Regulatory Authority (FRA) this week approved the consortium’s mandatory tender offer (MTO) to purchase up to 74 percent of Alexandria Medical Services for 47.67 Egyptian pounds ($2.45) a share.

Last year, the consortium submitted an offer that valued the company at 742.4 million pounds though the per-share price was higher at 52 pounds a share because Alex Medical has since executed a capital increase, issuing 1.3 million additional shares.

Tawasol already owns 26 percent of ANMC, meaning the acquisition could give the consortium a 100 percent stake ownership.