Egypt’s SODIC picks advisors for UAE Aldar-led acquisition offer

Egyptian property developer SODIC said board decided to appoint EFG Hermes and an international investment bank as its independent financial advisors to study the preliminary acquisition offer submitted by an alliance led by Aldar Properties.

The financial advisors will negotiate Aldar-led alliance and help SODIC find other strategic opportunities, the Egyptian company said in a bourse filling.

Aldar announced on March 13 it had submitted an offer to acquire a minimum of 51 percent of SODIC’s issued capital at an indicative purchase price ranging from 18 to 19 Egyptian pounds ($1.15 and $1.21) per share.