M&A WATCH- Archer Daniels Midland (ADM) will give up its bid for the National Company for Maize Products (NCMP) now that the deadline for it to submit a counter offer has expired, Salah Tawfik, CEO of ADM’s Egypt subsidiary Medsofts, tells Al Mal. The Financial Regulatory Authority (FRA) had rejected at least two bids from ADM to acquire the NCMP, choosing instead to accept Cairo Three A’s offer of EGP 51 per share. NCMP shareholders Misr Capital Investments and National Bank of Egypt said they will accept Cairo Three A’s offer, prompting ADM to ask its legal counsel, Shahid Law, to file a formal inquiry into the rejection, which the FRA did not justify.

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