FRA gives Raya founder until 28 December to submit MTO

M&A WATCH- Raya Holding founder Medhat Khalil has until 28 December to submit bid for 100% of the company he founded or sell down shares to get below the threshold that makes the offer mandatory, the Financial Regulatory Authority (FRA) said in an EGX statement (pdf). Last week, Khalil withdrew an appeal against the conditions laid out by the FRA and asked for a 60-day grace period to either submit the MTO or sell down the shares. The founder was reportedly considering two proposals from banks for financing to fund his take-Raya-private bid.