EFSA approved NAD acquisition of Egypco

M&A Watch- The Egyptian Financial Supervisory Authority (EFSA) has approved a mandatory tender offer by Saudi outfit NAD Development & Investment Company to acquire the remaining to acquire 100% of Egypt for Poultry (Egypco) at a share price of EGP 2.57, according to an EFSA notice. NAD, which already owns a 38% stake in the company, is estimated to pay c.EGP 75 mn for the remaining 62%. NAD is chaired by Nawaf Abdullah bin Dayel, who had reportedly invested in three Egyptian agrifood companies between May 2011 and 2012.