M&A WATCH- The Modern Waterproofing Company’s management team is seeking regulatory approval from the Egyptian Financial Supervisory Authority to acquire 100% of the company. The offer is priced at the fair value assessment of between EGP 0.73 and EGP 0.80 per share, according to an EGX filing. With 119 mn shares in play, that would imply a ticket price in the EGP 87-95 mn range. Management buyouts (or MBOs, as they’re known in finance circles) are entirely too rare in Egypt — we report on an average of about one a year, and one of the last three was of an Egypt-focused (not Egypt-based) company. Recent examples include Pharos Holding’s management buying out Qalaa Holdings’ stake (2015); the management team at Discover Egypt buying the firm from All Leisure Group (2016); and Accelero Capital’s management team buying back shares held by OTMTI, at the time its largest shareholder (2017)
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