CIRA Education now has until early July to submit its mandatory tender offer (MTO) to up its stake in EGX-listed subsidiary Cairo for Educational Services (CAED) after the Financial Regulatory Authority granted it a 30-working-day extension starting 21 May, the authority said in a statement (pdf).

REMEMBER- CIRA is looking to increase its stake in CAED to up to 90% from the current 69.4%. CIRA is looking to snap an additional 20.6% of its subsidiary — represented in 2.5 mn shares — at an initial price tag of EGP 30 per share, putting the total transaction value at some EGP 74.2 mn by our math. CIRA plans to keep CAED listed on the exchange if the MTO goes through.

IN OTHER M&A NEWS-

#1- EGX-listed Ajwa Group is planning to take control of Saudi logistics firm Atco by acquiring a 70% stake through a share swap, the company’s Chairman Ahmed Tarek told Asharq Business.

Not Ajwa’s first logistics venture in the Kingdom: Ajwa already owns Saudi-based Ajwa PortServices, and acquiring a majority stake in Atco is likely to achieve operational and cost synergies, giving the buyer a stronger hold in the Saudi market.

Ajwa loves the Kingdom: Ajwa is set to open branches in the Kingdom within the next few months, Tarek said.

#2- Elite Financial Consulting is preparing two healthcare companies for upcoming acquisitions and is currently conducting their fair value assessments, Amwal Al Ghad reports citing Elite’s Vice Chairman Tamer Hussein. One of the companies is a major orthopedic surgery hospital, while the other is a general multispecialty hospital, Hussien said.

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