FRA rejects ADM’s counter offer for NCMP

M&A WATCH- FRA rejects ADM’s counter offer for NCMP: The Financial Regulatory Authority (FRA) rejected again yesterday Archer Daniel Midland’s (ADM) offer to acquire 100% of the National Company for Maize Products (NCMP), according to a regulatory bourse filing. The statement contains no detail on why the bid was refused, ADM submitted a counter offer of EGP 50 per share, the CEO of ADM subsidiary Medsofts, Salah Tawfik, tells Al Borsa. The FRA had rejected ADM’s initial offer of EGP 35.56 per share, favoring instead Cairo Three A’s mandatory tender offer for NCMP of EGP 45.00 per share. ADM executives had reportedly been surprised by the refusal, particularly since they had met several times with Investment Minister Sahar Nasr to discuss the transaction, which was meant to kick off their expansion plans in the country’s food sector.