Attijariwafa Bank’s ins. arm Wafa Assurance submitted a mandatory tender offer to acquire up to 100% of Delta Ins. — or 125 mn shares — at EGP 40 apiece, according to an EGX disclosure (pdf) by the Financial Regulatory Authority (FRA). The transaction, valued at up to EGP 5.0 bn, requires a minimum acceptance threshold of 51% of shareholders to go through and is currently being reviewed by the FRA.

ICYMI- Wafa Assurance, along with Axa Egypt, registered its interest in snapping up to 100% of the Egypt Kuwait Holding subsidiary in December by submitting a non-binding offer. However, Axa pulled the plug on its bid in late May, triggering a six-month cooling-off period during which it is barred from launching new tender offers for Delta Ins.

The details: The acquisition includes an additional 25 mn new shares pending EGX listing. Wafa has also committed to purchasing any remaining shares not tendered at the same EGP 40 price within six months of the bid closing should a shareholder notify the company of their intention to sell.

Wafa Assurance is also looking to take Delta Ins. private, with plans to delist the company from the EGX following the acquisition, according to the disclosure.

The Moroccan ins. player also plans to merge Delta Life Assurance — a subsidiary of Delta Ins. — with its own life ins. arm within two months of closing the transaction, or a maximum of six months from filing a request with the FRA.

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