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The Sawiris family wants to delist Orascom Development Holding (ODH) from the SIX Swiss Exchange, with its primary holding company and ODH majority stakeholder LPSO Holding launching a voluntary public tender offer for all of ODH’s publicly held registered shares, according to a company press release (pdf).
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The offer: LPSO is offering to pay CHF 5.60 in cash per share, a 40.7% premium on the 60-day volume-weighted average price and a 38.3% premium on Monday’s closing price. LPSO currently holds a 77.5% stake in ODH
The plan: “After settlement of the offer, LPSO intends to propose to a general meeting of ODH that its shares be delisted from SIX Swiss Exchange,” according to the release.
The timeline: The offer will run from 9 January to 5 February, with an additional acceptance period from 12-25 February. The transaction is expected to be settled by 11 March next year.
