{"id":549552,"date":"2022-09-21T04:00:04","date_gmt":"2022-09-21T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/"},"modified":"2022-09-21T04:00:04","modified_gmt":"2022-09-21T04:00:04","slug":"alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/","title":{"rendered":"Alex Medical board gives thumbs down to Tawasol-LimeVest\u2019s offer"},"content":{"rendered":"

<\/a> Alex Medical\u2019s board takes issue with Tawasol-LimeVest\u2019s offer:<\/strong> The Alexandria Medical Services board has shared its opinion on the Tawasol Holdings-LimeVest consortium\u2019s bid to acquire up to 74% of the company \u2014 and it\u2019s not too positive, with the board saying the offer doesn\u2019t represent the value of the company and lacks concrete plans for the future, it said in a disclosure (pdf)<\/a> to the EGX yesterday. This comes in the middle of the subscription period for the consortium\u2019s mandatory tender offer<\/a> (MTO), which offered to purchase shares at EGP 47.67 apiece, valuing the company at around EGP 742.3 mn.<\/p>\n

Valuation is wide of the mark: <\/strong>The board said the offer doesn\u2019t reflect the average share price of the company for the six months preceding the launch of the MTO.<\/p>\n

Tawasol-LimeVest ups its price again, but still no dice:<\/strong> The board\u2019s stance on the valuation came despite Tawasol-LimeVest upping its offer again yesterday ahead of the meeting. The consortium is now offering to pay EGP 49.00 per share, the Financial Regulatory Authority (FRA) said (pdf)<\/a> yesterday, a move that came a day after Yas Holding\u2019s improved EGP<\/a>48.<\/a>62 offer<\/a>.<\/p>\n

Alex Medical isn\u2019t convinced by Tawasol-LimeVest\u2019s vision:<\/strong> The bid also contains no firm plans for what the consortium would do with the company post-acquisition and gives contradicting information regarding employees\u2019 job security and labor rights, Alex Medical\u2019s board said.<\/p>\n

How will this impact their bid?<\/strong> A mandatory tender offer launched by Tawasol and LimeVest is ongoing until 27 September. It is unknown how many shareholders have agreed to sell their shares to the consortium. The big one is Abu Dhabi Commercial Bank which owns a 51.5% stake in the company, but given its board representation it might not be looking good for the consortium\u2019s bid. ADCB had last year reportedly been looking to sell its majority stake, which it acquired from NMC Healthcare\u2019s disgraced founder, BR Shetty.<\/p>\n

What about the competing Yas bid?<\/strong> The Emirati firm\u2019s offer is pending healthcare-sector specific approvals and a go ahead from the FRA.<\/p>\n

For those of you just joining us:<\/strong> The Tawasol-LimeVest consortium has been in the running to acquire Alex Medical since last year. The outfit had originally offered EGP 47.67 a share to purchase up to 74%<\/a> of the company, a bid it renewed last month. Tawasol already owns 26%<\/a> of Alex Medical, meaning the acquisition could give the consortium 100% ownership.<\/p>\n

Could we see others jump back into the fray?<\/strong> Yas and the Tawasol-LimeVest consortium had both put in offers for Alex Medical<\/a> in June last year, amid a bidding war for the healthcare provider that at its peak saw eight companies and consortiums<\/a> signal their interest before it fizzled out<\/a> without a sale.<\/p>\n

Advisors:<\/strong> Prime Holding are the brokers on the Tawasol-LimeVest offer and Zaki Hashem and Partners are acting as the consortium\u2019s counsel. Al Ahly Pharos is reportedly Yas\u2019 financial advisor on the transaction, according to sources quoted by Hapi Journal<\/a> at the time the offer was launched.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alex Medical\u2019s board takes issue with Tawasol-LimeVest\u2019s offer: The Alexandria Medical Services board has shared its opinion on the Tawasol Holdings-LimeVest consortium\u2019s bid to acquire up to 74% of the company \u2014 and it\u2019s not too positive, with the board saying the offer doesn\u2019t represent the value of the company and lacks concrete plans for […]<\/p>\n","protected":false},"author":1,"featured_media":549553,"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":[2336,72,7115,2334,7128,2335,2461],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-alexandria-medical-services","tag-enterpriseam","tag-healthcare","tag-limevest","tag-ma-watch","tag-tawasol-holdings","tag-yas-holding","wpautop","entry"],"acf":{"mongo_id":"82aaac64-83ee-4f81-ab95-2d6ab5634111","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/298.jpg","photo_position":"above","related_issue":[549544],"teaser":"","voice_url":""},"yoast_head":"\nAlex Medical board gives thumbs down to Tawasol-LimeVest\u2019s offer - 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The company also hired Helmy, Hamza and\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\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549590,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/bids-for-alex-medical-arent-adding-up-b-investments-approves-fair-value-study-ahead-of-giza-systems-sale\/","url_meta":{"origin":549552,"position":1},"title":"Bids for Alex Medical aren\u2019t adding up + B Investments approves fair value study ahead of Giza Systems sale","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"A tale of two fair value studies: Things are not looking up for the Tawasol Holdings-LimeVest consortium\u2019s bid to acquire Alex Medical, as a fair value study from Andersen adds weight to the board\u2019s suggestion that the bid undervalues the company. Meanwhile, B Investments could close the sale of its\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\/315.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549740,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/a-long-time-coming\/","url_meta":{"origin":549552,"position":2},"title":"A long time coming","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"Tawasol-LimeVest consortium closes Alex Medical acquisition: Shareholders in Alexandria Medical Services agreed to sell more than 70% of the company to a consortium of Tawasol Holding and LimeVest, the EGX said yesterday. The subscription period for the consortium\u2019s mandatory tender offer (MTO), in which it offered to buy 74% of\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\/408.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549515,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/20\/another-bidder-is-back-for-alex-medical\/","url_meta":{"origin":549552,"position":3},"title":"Another bidder is back for Alex Medical","author":"enterpriseam admin","date":"20 September 2022","format":false,"excerpt":"Yas Holding relaunches its bid to acquire Alex Medical: The UAE\u2019s Yas Holding (formerly known as Emirates Advanced Investments) appears to be reentering the bidding war for Alexandria Medical Services. The company has upped the per-share price of the offer it made for a majority stake in Alex Medical last\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\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549033,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/could-the-alex-medical-acquisition-finally-go-through\/","url_meta":{"origin":549552,"position":4},"title":"Could the Alex Medical acquisition finally go through?","author":"enterpriseam admin","date":"31 August 2022","format":false,"excerpt":"Alex Medical is back in play: The Financial Regulatory Authority (FRA) has approved a mandatory tender offer (MTO) from the Tawasol Holdings-LimeVest consortium to purchase up to 74% of Alexandria Medical Services, bringing back to life a play for the healthcare provider that we\u2019d heard nothing on since last summer.\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\/448.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563190,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/tawasol-limevest-make-their-move-for-alex-medical\/","url_meta":{"origin":549552,"position":5},"title":"Tawasol, LimeVest make their move for Alex Medical","author":"enterpriseam admin","date":"22 June 2021","format":false,"excerpt":"Tawasol-LimeVest consortium launches Alex Medical takeover bid: A consortium of Tawasol Holdings and LimeVest affiliate Maternity and Pediatrics Holding has made its move in the race for Alexandria Medical Services, submitting a bid that values the company at more than EGP 740 mn. The companies have submitted a request to\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\/2021\/6\/279.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\/549552","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=549552"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549552\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549553"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549552"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549552"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}