{"id":548709,"date":"2022-08-18T04:00:39","date_gmt":"2022-08-18T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition\/"},"modified":"2022-08-18T04:00:39","modified_gmt":"2022-08-18T04:00:39","slug":"domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition\/","title":{"rendered":"Domty shareholders have four weeks to sell stakes to Expedition"},"content":{"rendered":"

<\/a> Subscription for Expedition Investment\u2019s bid for a chunk of Domty kicks off today. <\/strong>Shareholders in cheesemaker Domty have until Wednesday, 14 September to sell their shares to Expedition Investments, as part of its mandatory tender offer (MTO)<\/a> for 34% of the company, according to the timeline<\/a> set by the EGX yesterday. The mandatory tender offer (MTO) will last for 20 working days, and shares will change hands within five working days of its expiry, the bourse said.<\/p>\n

REFRESHER- <\/strong>The Financial Regulatory Authority (FRA) earlier this week greenlit<\/a> the bid from a consortium led by Expedition to acquire a 34% stake in Domty. <\/strong>The consortium has offered to purchase up to 96.2 mn shares for EGP 5 a piece, giving the transaction a potential value of around EGP 481 mn.<\/p>\n

Domty still hasn\u2019t decided what to make of the offer:<\/strong> The board has not yet responded to the offer and has appointed BDO to conduct a fair value study which will be published before the end of the MTO, it said in an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n

The acquisition would give the consortium ownership of 90% of Domty\u2019s shares, <\/strong>as it counts the Damati family \u2014 which founded Domty and already control 56% of the EGX-listed company \u2013 among its members. The Damatis also own minority stakes in Expedition, which is an offshore special purpose vehicle domiciled in Mauritius and controlled by unknown investors in Egypt and the Gulf.<\/p>\n

The market reaction: <\/strong>Domty\u2019s shares rose a modest 0.2% during trading yesterday to close at EGP 4.82.<\/p>\n

Advisors:<\/strong> EFG Hermes is quarterbacking the transaction and Matouk Bassiouny & Hennawy is acting as counsel to Expedition.<\/p>\n

OTHER M&A NEWS- Madinet Nasr Housing and Development (MNHD) yesterday <\/strong>officially announced <\/strong>its rejection<\/a><\/strong> of SODIC\u2019s takeover bid, <\/strong>which it said \u201cdid not reflect the real value of MNHD\u2019s business,\u201d in a disclosure to the EGX (pdf)<\/a>. The company cited its \u201chighly attractive asset base, land bank, strategic capabilities, and growth prospects,\u201d as some of the key indicators of its value. \u201cThroughout this process our priority has been to deliver the best outcome for our shareholders,\u201d said MNHD CEO Abdallah Sallam. \u201cThe shareholders\u2019 decision today has demonstrated the long-term value that they see in MNHD.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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 yesterday. The mandatory tender offer […]<\/p>\n","protected":false},"author":1,"featured_media":548710,"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":[1598,68,72,1623,76,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-domty","tag-egx","tag-enterpriseam","tag-expedition-investments","tag-financial-regulatory-authority","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"9b8e0399-0d6a-459b-8d8b-cb9062c57f3a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/315.jpg","photo_position":"above","related_issue":[548699],"teaser":"","voice_url":""},"yoast_head":"\nDomty shareholders have four weeks to sell stakes to Expedition - 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\/18\/domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Domty shareholders have four weeks to sell stakes to Expedition\" \/>\n<meta property=\"og:description\" content=\"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 yesterday. 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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":548709,"position":1},"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. 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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":549197,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/","url_meta":{"origin":548709,"position":3},"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":547702,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/expedition-investments-submits-bid-for-34-stake-in-domty\/","url_meta":{"origin":548709,"position":4},"title":"Expedition Investments submits bid for 34% stake in Domty","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"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\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\/105.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549603,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/expedition-investments-consortium-completes-domty-acquisition\/","url_meta":{"origin":548709,"position":5},"title":"Expedition Investments consortium completes Domty acquisition","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"Domty acquisition finalized: A consortium of investors led by Expedition Investments received a 32.9% stake (93.0 mn shares) for EGP 511.6 mn, according to a notice on the EGX yesterday. Their mandatory tender offer for up to 34% of the cheesemaker closed last week.CFC Group project gets cabinet approval: Cabinet\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"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\/548709","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=548709"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548709\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548710"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548709"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548709"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}