March 8, 2021

CI Capital rejects Banque Misr’s offer price

ArabFinance: CI Capital (CICH) has rejected Banque Misr’s offer to acquire a 90% stake in the firm, according to a March 7th company press release.

The offer made in February stood at EGP 4.7 per share, valuing CI Capital at EGP 4.7 billion. The financial services firm’s Board of Directors said the offer is inferior to the valuation issued by its financial advisor Baker-Tilly Wahid Abdel Ghaffar & Co.

CI Capital expects the state-owned bank to raise its offer by 19% to EGP 5.60 per share, as per Baker Tilly’s fair value for offers superior to 51% of shares. Offers for up to 51% should reach EGP 5.73 per share. This values the company between EGP 5.6-5.73 billion.

Banque Misr hopes to add 653 shares to its current 24.7% stake in CI Capital, which would result in a 90% stake. The bank has still not commented on whether it will increase the offer price.


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