{"id":555793,"date":"2021-11-28T04:00:56","date_gmt":"2021-11-28T04:00:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/a-final-offer\/"},"modified":"2021-11-28T04:00:56","modified_gmt":"2021-11-28T04:00:56","slug":"a-final-offer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/28\/a-final-offer\/","title":{"rendered":"A final offer?"},"content":{"rendered":"

The Emirati consortium bidding to acquire upmarket developer SODIC will <\/strong>not up its<\/strong> bid again if <\/strong>shareholders reject the price of the ongoing mandatory tender offer<\/strong>, Al Shorouk<\/a> reports. Aldar Properties and Abu Dhabi sovereign fund ADQ have already upped their offer price from EGP 18-19<\/a> to EGP 20, valuing the Egyptian real estate player at EGP 7.1 bn, but will not do so again if the MTO fails, the newspaper claims, citing unnamed sources at Aldar.<\/p>\n

SODIC\u2019s shares closed on Thursday at EGP 19.30 <\/strong>each, near the upper end of the EGP 13.95-19.50 band in which they\u2019ve been trading for the past 52 weeks, according to market data from Reuters.<\/p>\n

The consortium is bidding to acquire 90% of SODIC<\/strong> in an MTO that kicked off last week after it received approval<\/a> from the Financial Regulatory Authority. Shareholders must agree to sell at least 51% of the company\u2019s shares for the agreement to go through, and they have until 7 December to subscribe.<\/p>\n

SODIC\u2019s largest shareholder hasn\u2019t made a decision:<\/strong> A consortium of Act Financial, Hassan Allam Properties and Concrete Plus Engineering has not made a final decision about whether to sell their stakes, sources tell Al Shorouk. Together the companies make up SODIC\u2019s single-largest shareholder, owning a 15% stake in the company.<\/p>\n

Correction: 29 November 2021.<\/em><\/p>\n

A previous version of this article incorrectly stated that EFG Hermes has decided to sell a 2.4% in SODIC. A source close to the matter informed us that EFG already offloaded its stake in the company prior to the bid.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirati consortium bidding to acquire upmarket developer SODIC will not up its bid again if shareholders reject the price of the ongoing mandatory tender offer, Al Shorouk reports. Aldar Properties and Abu Dhabi sovereign fund ADQ have already upped their offer price from EGP 18-19 to EGP 20, valuing the Egyptian real estate player […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[299,215,72,7128,83,312,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555793","post","type-post","status-publish","format-standard","hentry","category-ma-watch","tag-adq","tag-aldar-properties","tag-enterpriseam","tag-ma-watch","tag-real-estate","tag-sodic","tag-uae","wpautop","entry"],"acf":{"mongo_id":"b8af3702-0c4c-4854-a9b4-df0b7f8b4854","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555784],"teaser":"","voice_url":""},"yoast_head":"\nA final offer? - 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\/11\/28\/a-final-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A final offer?\" \/>\n<meta property=\"og:description\" content=\"The Emirati consortium bidding to acquire upmarket developer SODIC will not up its bid again if shareholders reject the price of the ongoing mandatory tender offer, Al Shorouk reports. 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The Emirati consortium has offered to purchase 90% of the company at EGP 20.00 per share,\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\/11\/649.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566850,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/aldar-gets-more-time-for-sodic-mto\/","url_meta":{"origin":555793,"position":4},"title":"Aldar gets more time for SODIC MTO","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"Aldar Properties has another 30 working days beyond a previous 2 August deadline to submit a mandatory tender offer for no less than 51% of real estate developer Sodic\u2019s shares, after the Financial Regulatory Authority extended the bidding deadline based on a request by the Emirati real estate firm, 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\/2021\/7\/448.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553599,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/no-management-shake-up-at-sodic\/","url_meta":{"origin":555793,"position":5},"title":"No management shake-up at SODIC","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"SODIC management is staying on post-ADQ \/ Aldar acquisition: The Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ is planning to keep the executive management at SODIC unchanged after acquiring 85.5% of the upmarket real estate player, Al Borsa reports, citing unnamed sources.Both\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\/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\/555793","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=555793"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555793\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555784"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555793"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555793"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}