Amoun wants controlling stake in EGX-listed Atlas: Amoun for Real Estate and Tourism Development is looking to acquire 65.59% of EGX-listed Atlas for Investment and Food Industries, according to an offer sent to the Financial Regulatory Authority (FRA), according to a statement (pdf). The FRA is in the process of reviewing the offer.

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The details: Amoun has offered to purchase around 427.2 mn of Atlas’ shares for EGP 0.78 a piece in a mandatory tender offer, putting the transaction’s value at EGP 333.22 mn by our math. Amoun will need to acquire a minimum 51% stake of the target company for the offer to go through, with a maximum offering of 90% of shares, the FRA statement reads.

About Atlas: Launched in 1997, Atlas for Investment and Food Industries is an EGX listed company operating in real estate, agricultural development, and food production. Atlas focuses on land reclamation and agricultural processing.

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