{"id":547234,"date":"2022-06-14T04:20:57","date_gmt":"2022-06-14T04:20:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/bye-wm-wink-wink-chimera\/"},"modified":"2022-06-14T04:20:57","modified_gmt":"2022-06-14T04:20:57","slug":"bye-wm-wink-wink-chimera","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/bye-wm-wink-wink-chimera\/","title":{"rendered":"Bye, WM. Wink wink, Chimera"},"content":{"rendered":"

<\/a> Beltone halts WM due diligence after Chimera enters the chat:<\/strong> Beltone Financial has suspended the WM Consultancy-led consortium from doing due diligence after receiving a rival offer<\/a> from Chimera Investments on Sunday. The financial services company had given WM the go-ahead<\/a> to start due diligence last week but has been allowed by the Financial Regulatory Authority (FRA) to temporarily halt the process while it considers Chimera\u2019s bid, according to a statement (pdf)<\/a> from the regulator yesterday.<\/p>\n

Chimera\u2019s offer is better than WM\u2019s:<\/strong> The Abu Dhabi-based investment firm has offered to purchase 51-90% of the company for EGP 1.49, a 10% premium on the EGP 1.35 bid submitted by WM and valuing it at around EGP 690 mn, by our math.<\/p>\n

And there\u2019s no due diligence involved:<\/strong> Chimera has not requested to do due diligence on Beltone ahead of a potential acquisition, according to the statement.<\/p>\n

Beltone\u2019s shares rose 11.2%<\/strong> during trading yesterday following the news, and are up 21% since 5 June when WM submitted its offer.<\/p>\n

A word from the major shareholder: <\/strong>Orascom Financial Holding, which owns 58% of Beltone, said in a disclosure (pdf)<\/a> yesterday that it will make the final decision on the offer following Chimera\u2019s investment study.<\/p>\n

How much would Chimera have to fork out?<\/strong> The value of the transaction would be up to EGP 619.4 mn.<\/p>\n

Where this all started:<\/strong> An investor alliance led by WM submitted a non-binding offer<\/a> to acquire 51-90% of the company for EGP 1.35 a share earlier this month. The \u201cstrategic investors\u201d in the consortium remain largely unknown except for former Beltone employee Wael Mahgary, who heads up WM.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beltone halts WM due diligence after Chimera enters the chat: Beltone Financial has suspended the WM Consultancy-led consortium from doing due diligence after receiving a rival offer from Chimera Investments on Sunday. The financial services company had given WM the go-ahead to start due diligence last week but has been allowed by the Financial Regulatory […]<\/p>\n","protected":false},"author":1,"featured_media":547235,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[350,72,7128,1999],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-chimera-investment","tag-enterpriseam","tag-ma-watch","tag-wm-consultancy","wpautop","entry"],"acf":{"mongo_id":"e86cb85a-1953-4a6c-abc4-e18241f883fd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/cheater-meme-1600x.jpg","photo_position":"above","related_issue":[547225],"teaser":"","voice_url":""},"yoast_head":"\nBye, WM. Wink wink, Chimera - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/bye-wm-wink-wink-chimera\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bye, WM. Wink wink, Chimera\" \/>\n<meta property=\"og:description\" content=\"Beltone halts WM due diligence after Chimera enters the chat: Beltone Financial has suspended the WM Consultancy-led consortium from doing due diligence after receiving a rival offer from Chimera Investments on Sunday. 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The Abu Dhabi-based investment firm has offered to purchase up to 417.1 mn shares in the financial services\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547200,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/bidding-war-over-beltone-afoot\/","url_meta":{"origin":547234,"position":1},"title":"Bidding war over Beltone afoot?","author":"enterpriseam admin","date":"13 June 2022","format":false,"excerpt":"UAE\u2019s Chimera puts in an offer for Beltone: Our friends at Abu-Dhabi based investment firm Chimera Investments have submitted a non-binding offer to acquire a controlling stake in Beltone Financial, according to a statement (pdf) by the Financial Regulatory Authority (FRA) and disclosures by Chimera (pdf) and Beltone (pdf).The breakdown:\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547055,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/beltone-gives-its-suitors-the-nod-to-conduct-due-diligence-ahead-of-potential-acquisition\/","url_meta":{"origin":547234,"position":2},"title":"Beltone gives its suitors the nod to conduct due diligence ahead of potential acquisition","author":"enterpriseam admin","date":"7 June 2022","format":false,"excerpt":"Beltone Financial has given the go-ahead to a consortium of investors to conduct due diligence after it submitted an offer to acquire between 51% and 90% of the company this week, Beltone said in an EGX disclosure (pdf). The investors, led by WM Consultancy, have offered to buy the shares\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547010,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/","url_meta":{"origin":547234,"position":3},"title":"Is Beltone in play?","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"An investor alliance led by WM Consultancy has submitted a non-binding offer to buy a majority stake in Beltone Financial, the two companies said in filings to the EGX (pdf | pdf) yesterday. The consortium of unidentified \u201cstrategic investors\u201d is bidding to acquire a minimum of 51% and a maximum\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/150.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547989,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/beltone-has-10-days-to-decide-on-chimeras-takeover-bid\/","url_meta":{"origin":547234,"position":4},"title":"Beltone has 10 days to decide on Chimera\u2019s takeover bid","author":"enterpriseam admin","date":"21 July 2022","format":false,"excerpt":"Beltone Financial has until 3 August to come to a decision on Chimera Investments\u2019 bid to acquire up to 90% of its shares, the EGX said (pdf) yesterday. The Abu Dhabi-based investment firm submitted a bid to acquire the shares for EGP 1.485 apiece in June, an offer that values\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548135,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/chimera-will-get-at-least-56-of-beltone-after-ofh-accepts-offer\/","url_meta":{"origin":547234,"position":5},"title":"Chimera will get at least 56% of Beltone after OFH accepts offer","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Orascom Financial sells Beltone stake to Chimera: Chimera Investments will acquire at least 56% of Beltone Financial after Orascom Financial Holding (OFH) decided on Monday to sell its entire stake in the financial services firm, according to a disclosure to the EGX (pdf) from OFH yesterday. The Abu Dhabi-based investment\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547234"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547234\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547235"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547234"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547234"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}