Al Baraka Bank wants a bigger slice of Al Tawfeek Leasing: Al Baraka Bank – Egypt has notified the Financial Regulatory Authority (FRA) of its intention to launch a mandatory tender offer (MTO) to acquire a controlling stake in Al Tawfeek Leasing Company, according to a statement (pdf).

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The details: Through the MTO, Al Baraka wants to raise its holding in Al Tawfeek from 7.62% to as much as 90%, with a minimum acceptance threshold of 51%. The acquisition will be executed through a share swap — Al Tawfeek shareholders who choose to sell will receive newly-issued shares in Al Baraka Bank. The exact share exchange ratio will be set by a financial advisor.

What’s next? The lender has 59 days to submit its formal tender.

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