M&A WATCH: EFSA refuses Reacap fair value study

M&A WATCH- EFSA rejects Reacap’s FV report: The Egyptian Financial Supervisory Authority (EFSA) rejected Fincorp’s fair value assessment for Naeem subsidiary Reacap in connection with its merger with Wadi Degla, claiming it falls short of Egyptian benchmarks and standards, according to an EGX filing. EFSA is still reviewing the fair value report on Wadi Degla. The bourse had halted trading on Reacap last week pending shareholders’ approval on the merger, which would create a EGP 3.5 bn entity, of which Wadi Degla will hold 74%, with Reacap controlling the balance. Earlier reports had said the transaction should be final by the end of the year.