Dice founders bid to reacquire nearly half of the company: The founders of EGX-listed clothing company Dice Sports and Casual Wear have submitted a mandatory tender offer to purchase more than 838 mn of its shares. The transaction would give them control of c. 80% of the company’s stock. In an EGX disclosure (pdf) Sunday, the Financial Regulatory Authority said that it is currently studying an offer it received from a consortium consisting of the founding family’s Toma Company for Commercial and Industrial Investments and board member Maged Toma.

The details: The consortium submitted a preliminary offer last month to acquire up to 90% of the company at EGP 0.65, valuing it at more than EGP 1.1 bn. The Toma family’s bid is for shares representing a 46.9% stake in the company, the FRA said Sunday.

The Toma family already 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% share, while the rest of the company’s shares are in freefloat.

BACKGROUND- The family sold more than half of the company to public investors during its IPO on the EGX in 2017.

MARKET REAX- Dice shares fell 2.4% to close at EGP 0.61 on Sunday following the news.

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