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Dice’s founding family is set to increase its share of the company to c. 80%: The Financial Regulatory Authority (FRA) published the offer (pdf) from the founders of EGX-listed clothing company Dice Sports and Casual Wear to purchase more than 838 mn of its shares — 46.9% of the company. The offer came from the founding family’s Toma Company for Commercial and Industrial Investments and board member Maged Toma, who submitted the mandatory tender offer (MTO) earlier this month, who had previously sold more than half of the company to public investors during its IPO on the EGX in 2017.
The offer: The buyers want to acquire up to 46.9% of the company —- 838 mn shares — at EGP 0.65 per share, putting the total acquisition value at EGP 544.8 mn. The consortium will purchase all the shares that respond to the offer, even if they exceed the target.
The Toma family already owns 32% of the company: Founder and CEO of the companyNagy 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.
The timeline: The MTO will be made public today or tomorrow. The process kicks off the day after it is announced in at least two ‘nationally significant’ newspapers and continues for 19 additional trading days. The transaction needs to be executed on the EGX within five days of the offer period ending.
Post-acquisition plans:The consortium aims to upgrade and expand Dice’s production lines,launch new products to meet market demand, and increase the company’s market share. The buyers also want to boost Dice’s exports and step into new markets across the region.
No plans to shake things up:The consortium has no plans to restructure Dice once theacquisition is complete. It also doesn’t want to partake in any mergers or sell any of the company’s shares or assets over the coming 12 months.
Advisors:Beltone Financial Holding’s Beltone Securities is acting as broker on the transaction, while its promotion and underwriting subsidiary acted as financial advisor. Matouk Bassiouny & Hennawy is legal counsel.
MARKET REAX:Dice shares fell 0.16% to close at EGP 0.62 following the news.
