{"id":560651,"date":"2021-03-08T04:09:24","date_gmt":"2021-03-08T04:09:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/"},"modified":"2021-03-08T04:09:24","modified_gmt":"2021-03-08T04:09:24","slug":"ci-capital-rejects-banque-misrs-offer-price","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/","title":{"rendered":"CI Capital rejects Banque Misr\u2019s offer price"},"content":{"rendered":"

<\/a> CI Capital has rejected an offer by Banque Misr to acquire a 90% stake in the company.<\/strong> The state-owned bank last month made the offer at EGP 4.70 per share, valuing the company at some EGP 4.7 bn, but in a disclosure (pdf)<\/a> submitted to the EGX yesterday, CI\u2019s board of directors said that the offer was too far below the valuation reached by its financial advisor Baker-Tilly Wahid Abdel Ghaffar & Co.<\/p>\n

What does the market think CI Capital is worth?<\/strong> CI Capital\u2019s shares closed yesterday at EGP 4.58 per share and have been trading in that band since Banque Misr said it wanted to hike its stake in the company to 90%. Sell-side analysts have set target prices for the share in the EGP 5 range, including EGP 5.00 (Pharos), EGP 5.20 (Prime) and EGP 5.47 (HC). (Background here<\/a> and here<\/a>, for any of you who want to dive a bit deeper)<\/p>\n

What does Banque Misr want?<\/strong> Banque Misr currently owns a 24.7% stake in the financial services firm and now wants to purchase an additional 653 mn shares, giving it 90% ownership. Banque Misr became CI Capital\u2019s largest shareholder<\/a> last August when it acquired an additional 11% stake<\/a>.<\/p>\n

What is CI Capital asking for?<\/strong> CI is asking that the bank raise its offer price by 19% to EGP 5.60 if it wants to acquire a 90% stake. Baker Tilly\u2019s fair value report priced the company\u2019s shares at EGP 5.60 apiece in case of snapping up more than 51% of shares, and at EGP 5.73 if buying up to 51%, valuing the firm anywhere between EGP 5.6-5.73 bn. Banque Misr has previously <\/strong>resisted market pressure<\/a><\/strong> to bump up its offer.<\/strong><\/p>\n

IN OTHER M&A NEWS-<\/strong><\/p>\n

Tourism developer <\/strong>Remco<\/a><\/strong> is fielding an offer from an unnamed bidder for its 99.95% <\/strong>stake in Orient Tours. <\/strong>Shareholders will be asked to vote on the offer (pdf)<\/a> at a meeting to be held 10 March (this Wednesday). Remco\u2019s stake in Orient Tours is worth around EGP 1.09 bn according to a valuation by Solid Capital Financial Advisory.<\/p>\n","protected":false},"excerpt":{"rendered":"

CI Capital has rejected an offer by Banque Misr to acquire a 90% stake in the company. The state-owned bank last month made the offer at EGP 4.70 per share, valuing the company at some EGP 4.7 bn, but in a disclosure (pdf) submitted to the EGX yesterday, CI\u2019s board of directors said that the […]<\/p>\n","protected":false},"author":1,"featured_media":560652,"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":[576,136,72,7128,1292,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-banque-misr","tag-ci-capital","tag-enterpriseam","tag-ma-watch","tag-remco-group","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"e33c6974-7afc-4f39-90cd-158e7ff20b45","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/124.jpg","photo_position":"above","related_issue":[560646],"teaser":"","voice_url":""},"yoast_head":"\nCI Capital rejects Banque Misr\u2019s offer price - 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\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CI Capital rejects Banque Misr\u2019s offer price\" \/>\n<meta property=\"og:description\" content=\"CI Capital has rejected an offer by Banque Misr to acquire a 90% stake in the company. The state-owned bank last month made the offer at EGP 4.70 per share, valuing the company at some EGP 4.7 bn, but in a disclosure (pdf) submitted to the EGX yesterday, CI\u2019s board of directors said that the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-08T04:09:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/124.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CI Capital rejects Banque Misr\u2019s offer price\",\"datePublished\":\"2021-03-08T04:09:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/\"},\"wordCount\":335,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/124.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banque Misr\",\"CI Capital\",\"EnterpriseAM\",\"M&A Watch\",\"Remco Group\",\"tourism\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/ci-capital-rejects-banque-misrs-offer-price\/\",\"name\":\"CI Capital rejects Banque Misr\u2019s offer price - 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The MTO was reportedly 1.1x oversubscribed when it closedlast Thursday,\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\/3\/484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564932,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/banque-misr-wont-hike-its-offer-price-for-ci-capital\/","url_meta":{"origin":560651,"position":1},"title":"Banque Misr won\u2019t hike its offer price for CI Capital","author":"enterpriseam admin","date":"8 March 2021","format":false,"excerpt":"Banque Misr says it has no plans to hike the price it\u2019s willing to pay to raise its stake in CI Capital to 90%, a source close to the transaction told us, confirming reports made earlier this morning on Al Mal. The story follows a statement by CI Capital saying\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573678,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/banque-misr-raises-its-stake-in-ci-capital-to-15-12\/","url_meta":{"origin":560651,"position":2},"title":"Banque Misr raises its stake in CI Capital to 15.12%","author":"enterpriseam admin","date":"13 August 2020","format":false,"excerpt":"M&A WATCH- Banque Misr has increased its stake in CI Capital Holding to 15.12% from 13.72%, according to a disclosure to the EGX (pdf). The state-owned bank purchased some 14 mn shares for EGP 58.11 mn at EGP 4.14 per share. Banque Misr is the largest shareholder in the financial\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564509,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/banque-misr-launches-mto-to-snap-up-nearly-all-of-ci-capital\/","url_meta":{"origin":560651,"position":3},"title":"Banque Misr launches MTO to snap up nearly all of CI Capital","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"CI Capital could soon be almost fully owned by Banque Misr: The state-owned bank filed a mandatory tender offer yesterday as it looks to raise its stake to up to 90% from the 24.7% it holds today. The MTO, which targets 653 mn shares at EGP 4.70 apiece (a small\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/banque-misr-will-take-90-of-ci-capital-firm-to-remain-egx-listed\/","url_meta":{"origin":560651,"position":4},"title":"Banque Misr will take 90% of CI Capital, firm to remain EGX-listed","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"Banque Misr will get the 90% stake in CI Capital it sought after a majority of the company\u2019s shareholders agreed to sell their shares for the EGP 4.70 offer lodged by the state-owned bank earlier last month, CI said in a disclosure to the EGX (pdf) on Thursday.Shareholders queued up\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":[]},{"id":560929,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/misr-capital-wont-merge-with-ci-capital-for-now\/","url_meta":{"origin":560651,"position":5},"title":"Misr Capital won\u2019t merge with CI Capital (for now)","author":"enterpriseam admin","date":"18 March 2021","format":false,"excerpt":"Banque Misr is likely keeping its investment arm, Misr Capital, separate from CI Capital, in which it now holds a 90% stake, Deputy Chairman Akef El Maghraby told Al Arabiya yesterday. The state-owned lender could \u201cintegrate\u201d the activities of the two investment arms and will likely combine some operations, including\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\/3\/236.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\/560651","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=560651"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560651\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560652"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560651"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560651"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}