MENA Glass ups stake in Middle East Glass: MENA Glass Holding now owns an additional 40.2% of EGX-listed bottle maker Middle East Glass (MEG) after stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction (USD 56.5 mn), according to an EGX bulletin.

This is just off MENA Glass’ target: The company’s mandatory tender offer that came to a close last week was to acquire an additional 40.8% — 25.5 mn shares — in MEG in a USD 57.8 mn transaction.

MENA Glass put forward a tempting offer: Under the MTO, MENA Glass will pay USD 2.26 per share, a 774% premium on MEG’s average share price of EGP 12.54 over the six months ending on 21 April. Gulf Capital has agreed to payment terms that will see MENA Glass pay USD 30 mn in cash once the offer expires, with the remaining USD 22.3 mn to be paid in installments.

So who owns what? MENA Glass now owns c. 93.7% of the company by our math. As for the rest of the company’s shares, IGC Holdings is understood to still hold the remaining 6.3% of the company after it rejected the offer. Gulf Capital, who had been the second largest shareholder after MENA Glass with a 36.9% share, is understood to be now out of the company entirely.

Advisors: EFG Hermes was tapped to broker the acquisition, while Bahaa Eldin Law Office and MENA Associates acted as the buy-side legal advisor. MEG tapped Tanami Financial Advisory as its independent financial advisor to conduct the fair value study, while Arqaam Capital was the sell-side advisor.

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