Egyptian Starch and Glucose Company approves Cairo 3A acquisition bid

M&A WATCH- Starch and Glucose Company approves Cairo 3A acquisition bid: The Egyptian Starch and Glucose Company’s (ESGC) board of directors has greenlit Cairo 3A’s bid to acquire all of Americana Group, Americana Egypt, and Cairo Poultry’s shares in ESGC, according to a bourse disclosure (pdf). The three shareholders, which hold a combined 91.5%, had approved the acquisition offer earlier this week. Cairo 3A will now move ahead with due diligence, which will be completed by 9 April then make a mandatory tender offer by 12 April. The price will fall in the range specified in Cairo 3A’s initial offer of EGP 8.98 – 10.8 per share, which values the stake at EGP 450-510 mn.