M&A WATCH- A rare management Buyout. The Egyptian Financial Supervisory Authority reportedly gave the management team at Modern Waterproofing the green light on Sunday to tender for 34% of the company at EGP 0.8 per share, which could bring their collective stake up to 100%, according to Al Borsa. With 119 mn shares said to be outstanding, the transaction would be worth about EGP 32 mn. The buyout window will be open from today (28 August) and until 28 September. Modern Waterproofing CEO Mohamed Gamal El Din and majority shareholder Ali bin Hassan bin Dayekh have reportedly submitted their offers to EFSA and are looking to split the stake evenly, sources tell Al Mal. Al Mal notes that institutional investors who hold a 6.5% stake in the firm had previously refused to sell. Gamal El Din had said before, however, that management was planning to float some company shares on the EGX if they were able to acquire the full 100% stake. Our friends at Beltone Financial are advising, with Zaki Hashem & Partners acting as legal counsel, the newspaper adds. The bidders had sought regulatory approval back in June.

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