OCI N.V. Starts Bid for 24% of Orascom Construction Tomorrow

The Egyptian Exchange (EGX) management announced that the tender offer made by OCI N.V. for 208,938,419 shares, or 100% of issued shares of Orascom Construction Industries (OCI S.A.E.) (OCIC.CA) will start tomorrow Thursday, till Sunday, July 28, 2013.

The number of requested shares amounts to 50.196 million, or 24.024% of the target company’s shares. The offer price is EGP 255 per share, or through swapping shares at 1 in the target company for 1 in the bidding company.

The tender offer will be executed on EGX during five days after the expiry of the tender offer
However, the stock market indicate that, in case of force majeure that prevents the continuation of the tender offer, the duration of the offer will resume after such events.