Planet IB: Hermes Must Stop Any Alternative Transactions If Interested

Planet IB, that is seeking  control of EFG hermes, the leading investment bank in the arab world, issued a statement regarding its offer for 100% of buyout EFG Hermes holding SAE.

Ahmed El Houssieny, Chief Executive Officer of Planet IB, said in a statement sent to Amwal Al Ghad that in regard to comments made in the press today by a member of EFG Hermes Board of Directors, Planet IB declared that; Prior to today’s Extraordinary General Meeting, Planet IB informed the Board of Directors of EFG Hermes of its intent to make a tender offer for 100% of EFG Hermes Holding SAE at a price of EGP 13.50 per share.

El Houssieny added that if EFG Hermes is serious about entertaining a tender offer from Planet IB, it must immediately postpone the execution of the alternative transaction.

And Finally, Planet IB is prepared to extend a public tender offer immediately after the completion of customary due diligence. Planet IB therefore calls upon the Board of Directors of EFG Hermes Holding SAE to immediately open its books to due diligence.