M&A WATCH- Khalil launches bid to take Raya private: Raya Holding founder Medhat Khalil has submitted a mandatory tender offer for 36.7% of Raya, the Financial Regulatory Authority said in a statement to the EGX (pdf). Khalil is bidding for c. 46.3 mn shares at EGP 9.4 a share, bringing the transaction value to EGP 435.2 mn. The authority is currently reviewing the MTO, which it had ordered Khalil to execute in October, and will make a decision within 15 working days. Khalil was said to have been in talks with two separate banks for EGP 700-800 mn to finance the bid, which he valued at the time close to EGP 500 mn.

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