Dice founders really want to buy back their shares: The founders of the EGX-listed clothingcompany Dice Sports and Casual Wear yesterday upped their offer to buy back shares to EGP 0.80 per share, up 23% from the EGP 0.65 offered previously, according to a statement (pdf) from the Financial Regulatory Authority (FRA) yesterday morning. Their current offer to take back 46.9% of the company through the purchase of 838 mn shares totals up to a EGP 670.5 mn reacquisition bid.

Market reax: Dice shares rose about 14.8% to close at EGP 0.78 following the news.

The Dice reacquisition saga has been going on for a while: The founding family submitted a mandatory tender offer (MTO) last month to re-acquire up to 46.9% of Dice. The transaction would see the family consortium’s stake in the company increase to about 80%. Before this, the consortium first submitted a preliminary offer to up their stake to 90% of Dice in September.

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

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