Dice’s founders are looking to reacquire the firm: The founders of EGX-listed clothing company Dice Sports and Casual Wear have submitted a preliminary offer to purchase 90% of the company, according to an EGX disclosure (pdf).A consortium consisting of Toma for Commercial and Industrial Investments and Maged Toma have offered to purchase 1.6 bn shares of the Egyptian company at EGP 0.65 per share through a mandatory tender offer, valuing it at more than EGP 1.1 bn. This is a 4.8% premium to its closing share price on Monday.

The Toma family currently owns 32% of the company: Founder and CEO of the company Nagy Toma currently has a 21.1%stake, while Maged Toma, who sits on the company’s board, owns 8.7%. United Motors has a 7% (pdf) share, while the rest of the company’s shares are in freefloat.

Remember: The family sold more than half of the company to public investors during its IPO on the EGX in 2017, reducing its collective ownership to 36% (pd f).

What’s next: The offer will be referred to Dice’s board of directors for consideration, the company said.

Market reax : Dice shares fell 1.3% to close at EGP 0.61 on Tuesday.

Dice has had a good 2023 so far : Revenues rose 60% to EGP 1.4 bn during the first six months of the year, causing net income to increase almost fivefold to EGP 121.2 mn, according to its latest earnings release (pdf).

Tags: