{"id":547702,"date":"2022-07-04T04:19:13","date_gmt":"2022-07-04T04:19:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/expedition-investments-submits-bid-for-34-stake-in-domty\/"},"modified":"2022-07-04T04:19:13","modified_gmt":"2022-07-04T04:19:13","slug":"expedition-investments-submits-bid-for-34-stake-in-domty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/expedition-investments-submits-bid-for-34-stake-in-domty\/","title":{"rendered":"Expedition Investments submits bid for 34% stake in Domty"},"content":{"rendered":"

<\/a> Expedition Investments has submitted an official bid to acquire a 34% stake in <\/strong>cheesemaker Domty<\/strong>, the Financial Regulatory Authority (FRA) said in a disclosure to the EGX<\/a>(pdf)<\/a> yesterday. The consortium has offered to purchase up to 96.2 mn shares for EGP 5 a piece in a mandatory tender offer, the regulator said, giving the transaction a potential value of around EGP 481 mn.<\/p>\n

The acquisition would give the consortium ownership of 90% of Domty\u2019s shares<\/strong>, the FRA said. Domty\u2019s founders, the Damati family, already control 56% of the EGX-listed company, and also own minority stakes in Expedition.<\/p>\n

Who else is involved?<\/strong> Expedition is an offshore special purpose vehicle controlled by unknown investors<\/a> in Egypt and the Gulf. The company is domiciled in Mauritius and counts veteran investment banker Mohamed El Akhdar as a board member. It was established on 21 March, according to the Mauritius company register.<\/p>\n

What\u2019s next? <\/strong>Expedition has completed its due diligence process on Domty and is currently awaiting the FRA\u2019s approval to go ahead with the acquisition, sources told Al Borsa<\/a>. The acquisition is expected to go ahead by the end of August, they said.<\/p>\n

The market reaction:<\/strong> Domty\u2019s shares rose 3.2% during trading yesterday, closing at EGP 4.8.<\/p>\n

Advisors: <\/strong>Matouk Bassiouny & Hennawy is advising Expedition on the transaction.<\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

MNHD\u2019s acquisition of Minka appears to be back \u2014 at a reduced price: <\/strong>The board of Madinet Nasr Housing and Development (MNHD) has given preliminary approval to acquire real estate company Minka Development<\/a> and related special purpose vehicle EgyCan for Real Estate Development for up to EGP 200 mn, the company said in an EGX filing (pdf)<\/a> yesterday. This is below the EGP 232 mn<\/a> valuation produced by Baker Tilly Wahid Abdel Ghaffar & Co last year. MNHD will now have the firm produce an updated fair value study on the two companies, according to the filing.<\/p>\n

Background: <\/strong>MNHD CEO Abdallah Sallam is the former managing director at Minka, and moved into his new role at MNHD at the same time as it announced the acquisition in October. Minka is owned by the Sallam family, who are set to use the proceeds from the sale of their company \u2014 plus an additional EGP 50 mn \u2014 to purchase a minimum 5% stake in MNHD, we were told last year, making them the third largest minority shareholder in the company. The family has already invested more than EGP 50 mn ahead of the acquisition, the company said yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Expedition Investments has submitted an official bid to acquire a 34% stake in cheesemaker Domty, the Financial Regulatory Authority (FRA) said in a disclosure to the EGX(pdf) yesterday. The consortium has offered to purchase up to 96.2 mn shares for EGP 5 a piece in a mandatory tender offer, the regulator said, giving the transaction […]<\/p>\n","protected":false},"author":1,"featured_media":547703,"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":[1598,72,1623,7128,353,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-domty","tag-enterpriseam","tag-expedition-investments","tag-ma-watch","tag-madinet-masr-for-housing-and-development","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"221c8cbc-f6ff-4e5c-920c-a9b39ced2543","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/105.jpg","photo_position":"above","related_issue":[547698],"teaser":"","voice_url":""},"yoast_head":"\nExpedition Investments submits bid for 34% stake in Domty - 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\/07\/04\/expedition-investments-submits-bid-for-34-stake-in-domty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expedition Investments submits bid for 34% stake in Domty\" \/>\n<meta property=\"og:description\" content=\"Expedition Investments has submitted an official bid to acquire a 34% stake in cheesemaker Domty, the Financial Regulatory Authority (FRA) said in a disclosure to the EGX(pdf) yesterday. 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A consortium led by Expedition has offered to purchase up to 96.2 mn shares for EGP 5 a piece in a mandatory tender offer,\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\/8\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition\/","url_meta":{"origin":547702,"position":1},"title":"Domty shareholders have four weeks to sell stakes to Expedition","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"Subscription for Expedition Investment\u2019s bid for a chunk of Domty kicks off today. Shareholders in cheesemaker Domty have until Wednesday, 14 September to sell their shares to Expedition Investments, as part of its mandatory tender offer (MTO) for 34% of the company, according to the timeline set by the EGX\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\/8\/315.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549197,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/","url_meta":{"origin":547702,"position":2},"title":"Expedition\u2019s offer undervalues cheese maker Domty by 38%, fair value study suggests","author":"enterpriseam admin","date":"7 September 2022","format":false,"excerpt":"BDO has valued Domty at EGP 6.90 per share \u2014 38% higher than the price that the Expedition Investments-led consortium is offering shareholders in its ongoing mandatory tender offer, the cheesemaker said in an EGX disclosure (pdf) yesterday.REFRESHER- Shareholders have until 14 September to sell their holdings to the consortium,\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\/9\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549272,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/","url_meta":{"origin":547702,"position":3},"title":"Expedition Investments ups by 10% what it\u2019s willing to pay for Domty","author":"enterpriseam admin","date":"11 September 2022","format":false,"excerpt":"Domty shareholders will get a little more for selling to Expedition Investments: The Expedition Investments-led consortium bidding to acquire 34% of cheesemaker Domty has upped its offer by 10% on the heels of a fair value study that suggested the bid had undervalued the company. The consortium is now offering\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\/9\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549396,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/expedition-investments-consortium-acquires-33-of-domty\/","url_meta":{"origin":547702,"position":4},"title":"Expedition Investments consortium acquires 33% of Domty","author":"enterpriseam admin","date":"15 September 2022","format":false,"excerpt":"Expedition bags (almost) all of its targeted shares in Domty: Shareholders in EGX-listed Domty agreed to sell 93.0 mn shares to a consortium of investors led by Expedition Investments in a mandatory tender offer that closed yesterday, according to an EGX bulletin. That\u2019s 97% of the 96.2 mn shares the\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\/9\/228.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545558,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/04\/offshore-group-including-company-execs-make-a-play-for-domty\/","url_meta":{"origin":547702,"position":5},"title":"Offshore group including company execs make a play for Domty","author":"enterpriseam admin","date":"4 April 2022","format":false,"excerpt":"Domty up for grabs: A group led by Expedition Investments has submitted a non-binding offer for a majority stake in cheese maker Domty, the company announced in a statement (pdf) to the EGX. The group is looking to acquire up to 90% of the food producer at EGP 5.00 per\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\/4\/106.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\/547702","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=547702"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547702\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547703"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547702"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547702"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}