EFSA exempts NIB from MTO of 40.06% stake in Nilesat

Count this more as “consolidation of state assets” than “M&A”- The Egyptian Financial Supervisory Authority exempted the government’s National Investment Bank from presenting a mandatory tender offer after it submitted an offer to acquire a 40.06% stake in the Egyptian Satellite Company (Nilesat), according to a filing with the EGX. NIB already own 10% of the company; other shareholders include Egyptian Investment Projects at 8.8%, National Bank of Egypt at 7.5% and Banque Misr at 7.5%. EGX rules state that any tender for over 33% of shares outstanding demand that the buyer bid for 100% of shares, but exceptions can be made with shareholder approval.