EFG-Hermes Rejects Planet Buyout Offer Amid Shareholders Meeting

EFG-Hermes Holding’ Annual General Meeting (AGM) has ratified the BOD as well as the auditor’s business report  and approved the company’s financial statements for the fiscal year ended 31/12/2011.

EFG-Hermes (HRHO.CA) has posted net profits of EGP 307.7 million in 2011, down 62.8. Noting that the company had posted net profits of EGP 826.245 million in 2010.

Mahmoud Abdul Latif, Planet IB Chairman, was seen leaving the EFG-Hermes’ AGM filled with rage amid prospects of rejecting Consortium’s buyout deal of seizing 100% of EFG-Hermes stakes and of approving QInvest’s acquisition deal of having 60% of the company’s stakes.

“I have no right to object the AGM’s decisions. Consortium has offered EFG-Hermes an acquisition deal that is more profitable than of QInvest.” Abdul Latif told Amwal Al Ghad

Worth mentioning, EFG-Hermes shareholders, during the AGM,  said QInvest has offered a buyout deal worth 12 Egyptian pounds per share while Planet has offered to pay 13.5 Egyptian pounds per share.