West African consume finance player Oragroup rejects Beltone acquisition offer

M&A WATCH- Oragroup rejects Beltone acquisition offer: West African consumer finance provider Oragroup has rejected Beltone Financial’s offer to acquire a controlling stake in Oragroup subsidiary Ora Bank, the company said in a statement to the EGX (pdf). According to the statement, Oragroup’s rejection is a result of the two companies disagreeing on the financial details of the proposed acquisition. Beltone’s board had approved in principle the acquisition bid in May.