EFG Hermes Holding (HRHO) has received a non-binding offer from First Abu Dhabi Bank (FAB) for a potential cash acquisition of net less than 51% of the company’s issued shares at an indicative purchase price of EGP 19 per share, according to a press release.
The implementation of the transaction and determining its final purchase price are subject to the completion of due diligence process on EFG Hermes and the required regulatory approvals
Accordingly, a mandatory tender offer (MTO) will be made to all shareholders of the company as per Law 95 of 1992.
The offer highlights the remarkable reputation of EFG Hermes in regional and global markets as well as its strong management team and high standards of corporate governance.
The board of directors of the company are currently reviewing the offer and any updates regarding this matter will be revealed in due course.
It is worth noting that the company also advised minority shareholders to be cautious in terms of transactions.
Founded in 2017, the UAE-based FAB is one of the largest financial institutions in the world, offering an extensive range of solutions and products.
EFG Hermes is an EGX-listed company that has a presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.