EKH gets regulator’s nod for MTO to acquire Delta Insurance in EGP 338 mn transaction

M&A WATCH- Egypt Kuwait Holding (EKH) received the go-ahead from the Financial Regulatory Authority on Thursday to make a mandatory tender offer to acquire 99% of Delta Insurance, according to Al Mal. EKH is looking to acquire the remaining 16.9 mn shares (67.97%) valued at EGP 20 a share, which would value the transaction at EGP 338 mn. EKH had announced in a regulatory filing (pdf) earlier last month that it had received all the necessary approvals to hold the MTO.