Cairo Three A submits higher offer for NMPC, ADM to petition FRA

M&A WATCH- Cairo Three A submits higher offer for NCMP, ADM to petition FRA: Cairo Three A submitted yesterday a higher offer of EGP 51 per share for the acquisition of 100% of the National Company for Maize Products (NCMP), the Financial Regulatory Authority (FRA) announced yesterday (pdf). This comes one day after the FRA rejected Archer Daniels Midland’s (ADM) bid of EGP 50 per share, which in turn had come to counter Cairo Three A’s initial offer of EGP 45 per share. The FRA had also turned down ADM’s first offer of EGP 35.56 per share, to the surprise of company executives, who said the acquisition was discussed with Investment Minister Sahar Nasr and meant to mark the launch of ADM’s expansion plans in Egypt. ADM has asked its legal consultant to petition the FRA to understand more about why their bid for NCMP was rejected, says Salah Tawfik, CEO of ADM subsidiary Medsofts.