Ezz Dekheila acquires Ezz Rolling Mills

M&A WATCH- Ezz Dekheila fully acquires Ezz Rolling Mills: Ezz Dekheila Steel’s acquisition of 100% of Al Ezz Rolling Mills (ERM) has been implemented, according to the local press. Ezz Dekheila’s mandatory tender offer (MTO) saw the company buying 100k ERM shares at EGP 23.07 apiece while the remaining 89.7 mn shares went the share swap route with every 51 shares of ERM swapped for 1 Ezz Dekheila share. Ezz Steel’s board of directors had signed off on selling around 89 mn of its shares in Ezz Rolling Mills (ERM) through a share swap with Ezz Dekheila Steel after the Financial Regulatory Authority had greenlit the MTO last month.