{"id":548665,"date":"2022-08-17T04:00:13","date_gmt":"2022-08-17T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/mnhd-shareholders-reject-sodics-advance\/"},"modified":"2022-08-17T04:00:13","modified_gmt":"2022-08-17T04:00:13","slug":"mnhd-shareholders-reject-sodics-advance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/mnhd-shareholders-reject-sodics-advance\/","title":{"rendered":"MNHD shareholders reject SODIC\u2019s advance"},"content":{"rendered":"

<\/a> MNHD shareholders back board, say offer price was too low: <\/strong>Madinet Nasr Housing and Development (MNHD) shareholders meeting in a general assembly yesterday rejected a takeover bid<\/a> from SODIC, saying the offer price was too low, an exec at MNHD told Enterprise. Just three investors voted in favor of allowing the upmarket developer to start due diligence, leaving almost all the company\u2019s shareholders siding with the board, which last month rejected the offer<\/a> that valued the company at up to EGP 6.36 bn.<\/p>\n

The two companies hit a deadlock weeks ago:<\/strong> SODIC has said<\/a> it will not revise its offer upwards without getting the green light to conduct due diligence. The upmarket developer had offered to pay EGP 3.20-3.40 per share to purchase up to 100% of the state-owned developer in a potential all-cash transaction. MNHD\u2019s shares on the EGX closed at EGP 2.40 yesterday.<\/p>\n

The offer price is far lower than what MNHD thinks is fair value: <\/strong>MNHD CEO Abdullah Sallam said<\/a> last month that MNHD believes its portfolio of undeveloped land is worth 3-4x more than what SODIC has offered for the company as a whole.<\/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

MNHD and SODIC have been dancing (on and off) for years:<\/strong> With different shareholding structures on both sides and a different management team at MNHD at the time, 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 not appointed an investment bank. Zaki Hashem & Partners is MNHD\u2019s legal counsel.<\/p>\n

ALSO FROM SODIC-<\/strong><\/p>\n

Goco Hospitality coming to The Estates:<\/strong> Bangkok-based spa and wellness consultancy Goco Hospitality<\/a> will provide its services at SODIC\u2019s The Estates development in Sheikh Zayed, according to a press release (pdf)<\/a> out yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the upmarket developer to start […]<\/p>\n","protected":false},"author":1,"featured_media":548666,"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":[72,7128,353,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-madinet-masr-for-housing-and-development","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"150d11b7-904c-40b5-9e94-70166fa31f61","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/289.jpg","photo_position":"above","related_issue":[548659],"teaser":"","voice_url":""},"yoast_head":"\nMNHD shareholders reject SODIC\u2019s advance - 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\/08\/17\/mnhd-shareholders-reject-sodics-advance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MNHD shareholders reject SODIC\u2019s advance\" \/>\n<meta property=\"og:description\" content=\"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. 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and is currently reviewing other alternatives, our friend SODIC Managing Director Magued Sherif told Bloomberg Asharq.MNHD shareholders rejected SODIC\u2019s bid last month, saying its EGP 6.36 bn valuation\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\/316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547952,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/20\/sodic-will-not-revise-its-mnhd-offer-upwards-without-dd\/","url_meta":{"origin":548665,"position":1},"title":"SODIC will not revise its MNHD offer upwards without DD","author":"enterpriseam admin","date":"20 July 2022","format":false,"excerpt":"SODIC won\u2019t revise its MNHD offer upwards without DD or more information: Upmarket real estate developer SODIC has said it will not revise its offer price for up to 100% of Madinet Nasr Housing and Development (MNHD) without getting the green light to conduct due diligence on the company, SODIC\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\/204.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547884,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/18\/mnhd-wants-sodic-to-bump-up-its-offer-price\/","url_meta":{"origin":548665,"position":2},"title":"MNHD wants SODIC to bump up its offer price","author":"enterpriseam admin","date":"18 July 2022","format":false,"excerpt":"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\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\/179.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630122,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/sodic-mnhd-talks-to-begin-today-source\/","url_meta":{"origin":548665,"position":3},"title":"SODIC, MNHD talks to begin today -source","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"SODIC\u2019s board welcomes overture from MNHD; common shareholders could fast-track an agreement: Upmarket real estate developer SODIC said yesterday (pdf) that it welcomes discussions with Madinet Nasr Housing and Development about \u201cpotential strategic alternatives for the two entities by way of merger or acquisition\u201d and specifically noted the \u201cpotential synergies\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":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":548665,"position":4},"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":548665,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548665","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=548665"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548665\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548666"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548665"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548665"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}