Beltone offers to be acquired by EFG-Hermes if bid completed successfully

The voluntary tender offered submitted by a consortium of business tycoon Naguib Sawiris and Beltone Financial Holding for a 20% stake in investment bank EFG-Hermes revealed that, upon acquiring the target stake, Beltone will offer EFG-Hermes to acquire it along with a subsidiary.
According to the tender offer, Beltone will make a proposal during the first year after acquisition for the target company (EFG-Hermes), including the acquisition of Beltone Financial Holding and Beltone Financial Portfolio Management.
The move will likely help Egypt’s investment banking sector grow significantly.
Meanwhile, the Egyptian Financial Supervisory Authority (EFSA) announced Thursday that the voluntary tender offer received from Sawiris and Beltone for a 20% stake in EFG-Hermes at EGP 16 per share will start on June 22. The tender offer will run for ten business days till July 3, 2014. The tender offer will be executed within the five business days at most after the bid expiry. The market regulator approved on Wednesday the offer submitted by Sawiris-Beltone alliance to acquire 20% of EFG-Hermes at EGP 16 per share. EFSA Head Sherif Samy said the bidders stipulate that they shall fully acquire the stake in order to complete the deal.
The offer marks his second attempt to buy a stake in EFG-Hermes after the bank’s shareholders opted for a tie-up with Qatar’s QInvest LLC at the time of his first bid two years ago. EFG-Hermes’s merger plans with QInvest also failed after the banks failed to win approval from the regulator EFSA.
EFG-Hermes said yesterday it appointed HC Securities & Investment to advise on the bid, according to a statement from the company.

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