EFG-Hermes Says To Take Legal Steps Against Planet IB

Egypt’s EFG Hermes (HRHO.CA) said on Monday it was taking “legal measures” to protect shareholders after a group of investors offered to buy the company at a premium to the market price.

EFG has dismissed as not serious the offer by Planet IB, which includes Egyptian businessman Naguib Sawiris, former AlexBank Chairman Mahmoud Abdel Latif and a member of the ruling family of the Gulf emirate of Sharjah.

In an emailed statement, it said it was “taking the necessary legal steps to protect the rights of the company, its shareholders and its employees against a media campaign that Planet IB has launched,” without saying what those legal steps were.