FRA green-lights Sika Egypt’s MTO for Bitumode

M&A WATCH- FRA green-lights Sika Egypt’s MTO for Bitumode: The Financial Regulatory Authority (FRA) has approved a mandatory tender offer submitted by construction chemicals supplier Sika Egypt for up to 100% of Modern Waterproofing (Bitumode), Bitumode said in a regulatory filing (pdf). Sika’s offer, reviewed late last month by the regulator, will price Bitumode’s shares at EGP 3.79 if shareholders offer up to 95% of the company’s shares. If more than 95% of the shares are up for grabs, Sika will set the share price at EGP 3.91.