{"id":549197,"date":"2022-09-07T04:00:36","date_gmt":"2022-09-07T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/"},"modified":"2022-09-07T04:00:36","modified_gmt":"2022-09-07T04:00:36","slug":"expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/","title":{"rendered":"Expedition\u2019s offer undervalues cheese maker Domty by 38%, fair value study suggests"},"content":{"rendered":"

<\/a> BDO has valued Domty at EGP 6.90 per share \u2014 <\/strong>38%<\/strong> higher than the price that t<\/strong>he<\/strong> Expedition Investments-led consortium is offering shareholders<\/strong> in its ongoing mandatory tender offer, the cheesemaker said in an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n

REFRESHER-<\/strong> Shareholders have until 14 September<\/a> to sell their holdings to the consortium, which is offering to pay EGP 5.00 a share<\/a> to acquire up to 34% of the EGX-listed company (c. 96.2 mn shares). Domty\u2019s board is yet to publicly respond to the offer or give a recommendation to the company\u2019s shareholders. It commissioned BDO last month to conduct a fair value study (pdf)<\/a>, one day before the MTO started.<\/p>\n

That fair value study is now out:<\/strong> BDO published the report (pdf)<\/a> yesterday after it was reviewed by the Financial Regulatory Authority (FRA).<\/p>\n

What happens now? <\/strong>It\u2019s unclear whether the board will now respond to the offer or make a recommendation to the shareholders. As of last Thursday<\/a>, the consortium was almost halfway to its target, with shareholders agreeing to sell 40.5 mn shares.<\/p>\n

REMEMBER- Domty\u2019s majority shareholders are among the investors bidding for the shares: <\/strong>The Damati family \u2014 which founded Domty and already control 56% of the company \u2014 are part of the consortium and also own minority stakes in Expedition. Expedition, a special purpose vehicle domiciled in Mauritius, is controlled by investors in Egypt and the Gulf. Success in the MTO would hand the consortium control of 90% of the company\u2019s shares.<\/p>\n

Advisors:<\/strong> EFG Hermes is quarterbacking the transaction and Matouk Bassiouny & Hennawy is acting as counsel to Expedition.<\/p>\n","protected":false},"excerpt":{"rendered":"

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, which is offering to […]<\/p>\n","protected":false},"author":1,"featured_media":549198,"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":[1598,72,9205,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-domty","tag-enterpriseam","tag-expedition-investment","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"a0c1a35b-97e3-4128-b5bb-9c4f320a7f7f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/144.jpg","photo_position":"above","related_issue":[549191],"teaser":"","voice_url":""},"yoast_head":"\nExpedition\u2019s offer undervalues cheese maker Domty by 38%, fair value study suggests - 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\/09\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expedition\u2019s offer undervalues cheese maker Domty by 38%, fair value study suggests\" \/>\n<meta property=\"og:description\" content=\"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. 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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":549272,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/","url_meta":{"origin":549197,"position":1},"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":548709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/domty-shareholders-have-four-weeks-to-sell-stakes-to-expedition\/","url_meta":{"origin":549197,"position":2},"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":548669,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/expedition-investments-bid-for-domty-gets-fra-approval\/","url_meta":{"origin":549197,"position":3},"title":"Expedition Investments\u2019 bid for Domty gets FRA approval","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has greenlit Expedition Investments\u2019 bid to acquire a 34% stake in cheesemaker Domty, the regulator said in a disclosure (pdf) yesterday. 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":552499,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/this-evening-inflation-accelerates-in-august-expedition-presents-a-new-offer-for-domty\/","url_meta":{"origin":549197,"position":4},"title":"THIS EVENING: Inflation accelerates in August + Expedition presents a new offer for Domty","author":"enterpriseam admin","date":"8 September 2022","format":false,"excerpt":"Good afternoon, ladies and gentlemen. We\u2019re just hours away from a very well-deserved weekend after a mad rush of a week \u2014 with today being no exception. ALSO- It\u2019s your last day to tell us how you\u2019re feeling about your business and the wider economy. We\u2019ll have the results for\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549603,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/expedition-investments-consortium-completes-domty-acquisition\/","url_meta":{"origin":549197,"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\/549197","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=549197"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549197\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549198"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549197"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549197"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}