Dice founder’s reacquisition bid has finally wrapped: The founders of EGX-listed Dice Sports and Casual Wear have bought back 545 mn shares of the company at EGP 0.80 per share through a mandatory tender offer (MTO), according to a statement on the EGX yesterday. The founding family’s Toma Company for Commercial and Industrial Investments raised the family’s total stake in the company by 30.5% at a cost of EGP 436 mn.

So how much of the company has the founders clawed back? The family now owns 63.4% of the company after buying back 30.5% of the company through the re-acquisition bid and selling 3.9% of the company on Tuesday, according to an EGX disclosure (pdf). It held 32.9% before the transaction started.

This is a smaller chunk of the company than they were hoping to reclaim: The founders submitted an MTO last month to buy back over 838 mn shares — or 46.9% — of their company in bid to get to c.80%. Only around two-thirds of the shareholders responded to the offer.

What’s next for Dice? Post-acquisition, the founders are looking to upgrade and expand Dice’s production lines, launch new products, and increase the company’s market share. The founders also want to boost Dice’s exports and step into new markets across the region.

BACKGROUND- In September this year, they submitted an initial bid that would have restored a 90% total stake in Dice after selling over half the company to public investors during an IPO on the EGX in 2017.

Advisors: Beltone Financial Holding’s Beltone Securities acted as broker on the transaction, while its investment banking unit acted as financial advisor. Matouk Bassiouny & Hennawy served as counsel.

Correction on 25 November 2023: An earlier version of this story miscalculated the stake Toma Company for Commercial and Industrial Investments holds in Dice post acquisition. 

Tags: