{"id":547884,"date":"2022-07-18T04:00:32","date_gmt":"2022-07-18T04:00:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/mnhd-wants-sodic-to-bump-up-its-offer-price\/"},"modified":"2022-07-18T04:00:32","modified_gmt":"2022-07-18T04:00:32","slug":"mnhd-wants-sodic-to-bump-up-its-offer-price","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/mnhd-wants-sodic-to-bump-up-its-offer-price\/","title":{"rendered":"MNHD wants SODIC to bump up its offer price"},"content":{"rendered":"

<\/a> MNHD says the price isn\u2019t right on SODIC\u2019s acquisition bid: <\/strong>Madinet Nasr for Housing and Development (MNHD) has rejected a takeover bid<\/a> by SODIC and called on the company to bump up its offer. SODIC before Eid Al Adha offered to purchase up to 100% of MNHD for EGP 3.20-3.40 per share. MNHD\u2019s board said in a letter (pdf)<\/a> to Aldar Properties (SODIC\u2019s majority owner) that the offer price does not match the \u201creal value\u201d of the company.<\/p>\n

MNHD has invited SODIC to go higher:<\/strong> The board said in its letter that it could be interested in a bid if SODIC were to reconsider its offer and peg it at a \u201cfair\u201d value. MNHD\u2019s shares rose 3.1% yesterday on the news to close at EGP 2.68, implying SODIC\u2019s offer is (at the top end of the range) a premium of about 27% to the current share price. SODIC shares fell 2.4% to EGP 10.83.<\/p>\n

What happens now? <\/strong>MNHD\u2019s board said it would not recommend allowing SODIC to conduct due diligence on the firm with the offer price as it stands, though the final decision on whether to allow the request rests with the company\u2019s shareholders, MNHD board member Salah Katamish told us. Our friends at SODIC declined to comment when we asked yesterday.<\/p>\n

Look out for a final decision soon: <\/strong>MNHD has 21 working days to convene its general assembly and decide whether to allow SODIC to do due diligence, Katamish said.<\/p>\n

MNHD\u2019s current owners: <\/strong>State-owned institutions collectively own the largest stake in MNHD, with the Holding Company for Construction and Development holding 15.2%, the National Investment Bank owning 3.7% and Banque Misr holding 3.5%. BIG Investment Group is the largest single shareholder with a 19.9% stake, B Investments owns 7.5% and 20.4% is held by foreign institutions.<\/p>\n

This isn\u2019t the first time SODIC and MNHD have danced.<\/strong> The two started talking about combining their businesses in early 2018<\/a>, which months later saw SODIC make an offer to acquire at least 51% of MNHD<\/a> through a direct share swap that the two positioned as what would have been Egypt\u2019s largest-ever M&A at the time. Talks fell through<\/a> after they failed to reach an agreement on the share-swap ratio.<\/p>\n

Advisors:<\/strong> CI Capital is acting as SODIC\u2019s financial advisor, while MNHD has yet to tap an investment bank. Zaki Hashem & Partners is MNHD\u2019s legal counsel.<\/p>\n

The news got attention internationally:<\/strong> Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

MNHD says the price isn\u2019t right on SODIC\u2019s acquisition bid: Madinet Nasr for Housing and Development (MNHD) has rejected a takeover bid by SODIC and called on the company to bump up its offer. SODIC before Eid Al Adha offered to purchase up to 100% of MNHD for EGP 3.20-3.40 per share. MNHD\u2019s board said […]<\/p>\n","protected":false},"author":1,"featured_media":547885,"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":[215,72,7128,353,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-madinet-masr-for-housing-and-development","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"924be7f7-4920-4a96-a8f3-3bf27cf02099","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/179.jpg","photo_position":"above","related_issue":[547880],"teaser":"","voice_url":""},"yoast_head":"\nMNHD wants SODIC to bump up its offer price - 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\/18\/mnhd-wants-sodic-to-bump-up-its-offer-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MNHD wants SODIC to bump up its offer price\" \/>\n<meta property=\"og:description\" content=\"MNHD says the price isn\u2019t right on SODIC\u2019s acquisition bid: Madinet Nasr for Housing and Development (MNHD) has rejected a takeover bid by SODIC and called on the company to bump up its offer. 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The company said in a boursefiling (pdf) yesterday that it has submitted a non-binding offer to acquire up to 100% of the state-owned\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\/134.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548665,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/mnhd-shareholders-reject-sodics-advance\/","url_meta":{"origin":547884,"position":2},"title":"MNHD shareholders reject SODIC\u2019s advance","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"MNHD shareholders back board, say offer price was too low: Madinet Nasr Housing and Development (MNHD) shareholders meeting in a general assembly yesterday rejected a takeover bid from SODIC, saying the offer price was too low, an exec at MNHD told Enterprise. Just three investors voted in favor of allowing\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\/289.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622866,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/sodic-bidding-to-acquire-at-least-51-of-mnhd-in-all-share-transaction\/","url_meta":{"origin":547884,"position":3},"title":"SODIC bidding to acquire at least 51% of MNHD in all-share transaction","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"** #1 M&A WATCH- SODIC bidding to acquire at least 51% of MNHD in all-share transaction: Upmarket real estate developer SODIC announced yesterday (pdf) it intends to make a mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD) through a direct share swap. SODIC\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630073,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/mnhd-explores-possible-merger-or-acquisition-with-sodic\/","url_meta":{"origin":547884,"position":4},"title":"MNHD explores possible merger or acquisition with SODIC","author":"enterpriseam admin","date":"11 April 2018","format":false,"excerpt":"M&A WATCH- MNHD wants to open talks on merger with, or acquisition of, SODIC: The board of directors of Madinet Nasr Housing & Development (MNHD) has given its chairman the go ahead to open talks with our friends at SODIC with a view to either acquiring the upmarket developer or\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547920,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/mnhd-wants-sodic-to-cough-up-a-lot-more\/","url_meta":{"origin":547884,"position":5},"title":"MNHD wants SODIC to cough up a lot more","author":"enterpriseam admin","date":"19 July 2022","format":false,"excerpt":"SODIC might have to up its offer 4x if it wants MNHD: Madinet Nasr for Housing and Development\u2019s (MNHD) portfolio of undeveloped land is worth between 3-4 times more than what SODIC wants to pay for the company, the real estate developer\u2019s managing director, Abdullah Salam, told CNBC Arabia yesterday\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\/191.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\/547884","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=547884"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547884\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547885"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547884"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547884"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}