ADM makes mandatory tender offer for sweetener- and starch-maker NCMP as the year’s hottest bidding war continues

M&A WATCH- Archer Daniels Midland (ADM)’s Swiss unit has made a mandatory tender offer for controlling interest in Egyptian sweetener- and starch-maker National Company for Maize Products (NCMP), Arab Finance reports. ADM is looking to acquire anywhere between 51-100% of NCMP at EGP 35 per share. ADM has filed a request for approval from the Egyptian Financial Supervisory Authority, which confirmed it is looking into the transaction (pdf). NCMP has been one of the most hotly-contested M&A transactions of the year so far: ADM has seen stiff competition to acquire Misr Capital Investment’s 42.96% share in NCMP after Al Mona Misr (the local affiliate of global commodities giant Louis Dreyfus) and Cairo Three A Grouppresented competing bids and a subsidiary of EK Holding subsequently threw its hat into the ring. Pharos Holding drummed up the interest from bidders as sell-side advisor to Misr Capital Investments, while EFG Hermes is reportedly advising ADM. Al Mal also has the story this morning. Al Tamimi & Co. is legal advisor to Misr Capital Investments. Misr Capital is a subsidiary of state-owned bank Banque Misr.