UAE-based Nas Investment Holding upped its bid price to acquire an additional 57.5% stake in EgyFert to EGP 102 per share from EGP 95, and the decision was approved by the Financial Regulatory Authority (FRA). The authority granted Nas a one-day extension for the mandatory offer until Sunday, 1 June, according to a statement (pdf).

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The new price is 1.1% lower than the current share price of EgyptFert, which closed 5.3% higher at EGP 103.2 apiece yesterday. The offer, which could raise Nas’ stake in EgyFert to 90%, is now valued at around EGP 563 mn, by our math.

REMEMBER- The transaction will be financed through Nas’ own resources. Nas doesn’t have plans to delist Egyfert from the EGX.

ADVISORS- Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co and White & Case are providing counsel.

IN OTHER M&A NEWS-

Axa Egypt decided to walk away from submitting a bid to acquire a majority stake in Delta Ins., according to a statement (pdf). The withdrawal triggers a six-month cooling-off period during which the bidder is barred from launching any new tender offers for Delta Ins., the statement read. In March, the FRA granted Axa a 60-day extension to submit a mandatory offer for its now-obsolete takeover of Delta. There’s no publicly available information as to why Axa decided to pull the plug on the transaction.

REMEMBER- In December, Axa registered its interest to buy up to 100% of the Egypt Kuwait Holding subsidiary at an estimated EGP 5 bn valuation, with plans to merge Delta Ins. into its Egypt operations.

What’s next for Delta: Axa’s withdrawal opens the way to other bidders, including Morocco’s Wafa Assurance, which had pegged Delta’s fair share price at EGP 50 a pop — the same valuation given by Axa.

ADVISORS- EFG Hermes is acting as the sell-side advisor.

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