EFG-Hermes to Appoint Independent Financial Adviser to Look at Tender Offer

Egypt’s EFG Hermes will call in an independent financial adviser (IFA) to assess the tender offer for up to 20% of the company’s shares by a consortium led by Beltone Financial and Egyptian businessman Naguib Sawiris.

In a statement released on Tuesday, EFG Hermes said the board believes it would be in the best interest of all shareholders to appoint an IFA to “opine on the fair value of the stock and the fairness of the offer”.