{"id":554086,"date":"2021-12-20T04:05:17","date_gmt":"2021-12-20T04:05:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/cleopatra-board-greenlights-ci-capitals-bid\/"},"modified":"2021-12-20T04:05:17","modified_gmt":"2021-12-20T04:05:17","slug":"cleopatra-board-greenlights-ci-capitals-bid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/20\/cleopatra-board-greenlights-ci-capitals-bid\/","title":{"rendered":"Cleopatra board greenlights CI Capital\u2019s bid"},"content":{"rendered":"

<\/a> CHG gives the nod to CI Capital\u2019s acquisition bid: <\/strong>Cleopatra Hospital Group\u2019s (CHG) board of directors has approved a bid from CI Capital<\/a> to acquire up to 26.2% of the company, according to an EGX filing<\/a>. MCI Capital Healthcare Partners, the CI Capital subsidiary that\u2019s executing the acquisition, last week got the greenlight from the FRA<\/a> on its voluntary tender offer to purchase up to 419.3 mn shares at EGP 5 apiece, valuing the company at EGP 8 bn.<\/p>\n

The rationale: <\/strong>CI Capital\u2019s offer is 14% higher than CHG\u2019s average share price over the past six months, which stood at EGP 4.40, and 12% above the company\u2019s average share price during the three months prior to the offer, roughly EGP 4.46, the board noted. The fair value of the company has not been assessed by an independent financial advisor, a source familiar with the matter previously told Enterprise.<\/p>\n

CHG\u2019s shares dipped 0.8% yesterday,<\/strong> closing at EGP 4.86 per share, but have generally traded higher since surging 4.7% to close at EGP 4.70 on 8 December, the day the acquisition was announced.<\/p>\n

What\u2019s next for shareholders?<\/strong> CHG shareholders have until Sunday, 26 December to subscribe to MCI Capital\u2019s VTO, according to the timeline set by the EGX<\/a> last week. Shares will change hands within five working days of the end of the tender offer, by Sunday 2 January.<\/p>\n

Shareholders already on board: <\/strong>Creed Healthcare, which owns 37.9% of CHG through its subsidiary Care Healthcare, has agreed to sell an 8-12% stake in the company from its holdings (126 mn-192 mn shares) at the offer price. Emerging markets private equity giant Actis manages Neoma Private Equity IV, which is the single largest shareholder in Creed. Mid-market investment firm RMBV<\/a>\u2019s Ahmed Badreldin helped create Cleo and is now chairman of the board, sitting as a representative of Creed.<\/p>\n

The CHG transaction caps a strong year for CI Capital<\/strong>, which most recently advised Aldar and ADQ on their acquisition of an 85.5% stake in upmarket real estate developer SODIC. CI has now closed six transactions in Egypt worth a combined USD 1.6 bn in 2021, the firm said yesterday in a statement (pdf)<\/a>. On the IPO front, CI was the sole global coordinator and bookrunner for the USD 131 mn listing of Taaleem and was joint global coordinator and bookrunner on the IPO of e-Finance, Egypt\u2019s biggest listing in the past decade.<\/p>\n

ADVISORS:<\/strong> Zulficar & Partners is acting as legal advisor to MCI Capital.<\/p>\n

EDITOR'S NOTE- Corrected on 26 December, 2021.<\/em><\/p>\n

A previous version of this story stated that MCI Capital would purchase up to\u00a0339.3 mn shares in Cleopatra Hospital Group. The correct figure is 419.3 mn shares.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CHG gives the nod to CI Capital\u2019s acquisition bid: Cleopatra Hospital Group\u2019s (CHG) board of directors has approved a bid from CI Capital to acquire up to 26.2% of the company, according to an EGX filing. MCI Capital Healthcare Partners, the CI Capital subsidiary that\u2019s executing the acquisition, last week got the greenlight from the […]<\/p>\n","protected":false},"author":1,"featured_media":554087,"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":[136,192,72,7115,7128,2350],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-ci-capital","tag-cleopatra-hospitals-group","tag-enterpriseam","tag-healthcare","tag-ma-watch","tag-zulficar-partners","wpautop","entry"],"acf":{"mongo_id":"a4b72095-c05e-4d68-b40c-f1006f926a9c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/398.jpg","photo_position":"above","related_issue":[554080],"teaser":"","voice_url":""},"yoast_head":"\nCleopatra board greenlights CI Capital\u2019s bid - 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\/2021\/12\/20\/cleopatra-board-greenlights-ci-capitals-bid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleopatra board greenlights CI Capital\u2019s bid\" \/>\n<meta property=\"og:description\" content=\"CHG gives the nod to CI Capital\u2019s acquisition bid: Cleopatra Hospital Group\u2019s (CHG) board of directors has approved a bid from CI Capital to acquire up to 26.2% of the company, according to an EGX filing. 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MCI Capital Healthcare Partners, a subsidiary of the state-owned financial services company, has submitted a voluntary tender offer to acquire a\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\/12\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542574,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/04\/edita-wont-be-acquiring-assets-of-ole-bakeries-manufacturer\/","url_meta":{"origin":554086,"position":4},"title":"Edita won\u2019t be acquiring assets of Ole bakeries manufacturer","author":"enterpriseam admin","date":"4 January 2022","format":false,"excerpt":"Snackfoods giant Edita won\u2019t acquire Egyptian Belgian Company\u2019s assets after talks collapse: Edita Food Industries\u2019 bid to acquire assets belonging to Egyptian Belgian Company has fallen through after the two companies were unable to agree on a valuation. The EGX-listed company had expected to finalize an agreement with the Ole\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\/1\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565917,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/cleopatra-wants-100-of-alex-medical\/","url_meta":{"origin":554086,"position":5},"title":"Cleopatra wants 100% of Alex Medical","author":"enterpriseam admin","date":"17 May 2021","format":false,"excerpt":"Cleopatra mounts Alex Medical takeover bid: Cleopatra Hospitals Group (CHG) has submitted a mandatory tender offer to acquire up to 100% of Alexandria Medical Services in a transaction that would value the company at EGP 550 mn, the EGX-listed group said in a statement (pdf) this morning. The company has\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/367.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\/554086","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=554086"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554086\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554087"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554086"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554086"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}