{"id":565042,"date":"2021-03-15T14:00:10","date_gmt":"2021-03-15T14:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/gsk-egypt-rejects-acdimas-bid-to-start-due-diligence-closing-the-door-to-a-sale\/"},"modified":"2021-03-15T14:00:10","modified_gmt":"2021-03-15T14:00:10","slug":"gsk-egypt-rejects-acdimas-bid-to-start-due-diligence-closing-the-door-to-a-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/gsk-egypt-rejects-acdimas-bid-to-start-due-diligence-closing-the-door-to-a-sale\/","title":{"rendered":"GSK Egypt rejects Acdima\u2019s bid to start due diligence, closing the door to a sale"},"content":{"rendered":"

<\/a> GlaxoSmithKline Egypt\u2019s board of directors has rejected a request submitted by Acdima <\/strong>to start due diligence on the company<\/strong>, GSK said in an EGX<\/a>disclosure (pdf)<\/a> this morning following a board meeting Sunday. Acdima submitted the request last week following the breakdown of talks between GSK and the UK\u2019s Hikma Pharma<\/a>.<\/p>\n

This isn\u2019t a surprise:<\/strong> GSK Egypt\u2019s parent company said in a statement on Sunday<\/a> that it was no longer willing to sell its 91.2% stake in the unit, but that the local board would meet Monday to discuss the offer. GSK had previously received separate takeover bids by Acdima and Rameda Pharma but said last month<\/a> that it would focus exclusively on the talks with Hikma Pharma, which fell through last week for unknown reasons.<\/p>\n

ON THE BIDDING WAR FOR <\/strong>ALEX MEDICAL-<\/strong> Alexandria Medical Services says it is <\/strong>unaware of a <\/strong>potential takeover bid by a <\/strong>consortium of <\/strong>Mabaret Al Asafra Hospitals<\/a><\/strong> and investment firm <\/strong>Tana Africa Capital<\/a><\/strong>, the company said in an EGX disclosure (pdf)<\/a>. The company has not received any information concerning the potential offer, nor has it been contacted by Mabaret Al Asafra or Tana Capital, it said. Reports in the local press earlier this week<\/a> had said the two companies planned to submit an offer to acquire 100% of Alex Medical before the end of March. The consortium had reportedly reached out to majority shareholder Abu Dhabi Commercial Bank (ADCB)<\/a> back in January to discuss acquiring its 51.5% stake. ADCB has since confirmed<\/a> that it is looking to exit the company.<\/p>\n

Another consortium is also <\/strong>looking to acquire<\/a><\/strong> Alex Medical:<\/strong> Saudi\u2019s Tawasol Holdings (already a 26% shareholder in Alex Medical) and Speed Medical subsidiary Speed Hospitals Company will reportedly offer to purchase the company\u2019s shares at EGP 38.09 apiece.<\/p>\n

ALDAR APPOINTS ADVISOR FOR SODIC BID- CI Capital has been tapped by the UAE\u2019s <\/strong>Aldar to advise <\/strong>on its potential bid for a controlling stake<\/a> in real estate developer Sodic, Al Mal<\/a> reports. Aldar has submitted a non-binding offer to acquire at least 51% of Sodic\u2019s shares at EGP 18-19 apiece, valuing the company at a median of EGP 6.6 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

GlaxoSmithKline Egypt\u2019s board of directors has rejected a request submitted by Acdima to start due diligence on the company, GSK said in an EGXdisclosure (pdf) this morning following a board meeting Sunday. Acdima submitted the request last week following the breakdown of talks between GSK and the UK\u2019s Hikma Pharma. This isn\u2019t a surprise: GSK […]<\/p>\n","protected":false},"author":1,"featured_media":565043,"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":[10045],"tags":[215,2336,633,1076,7138,575,7128,427,83,312,3675],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-aldar-properties","tag-alexandria-medical-services","tag-enterprisepm","tag-glaxosmithkline","tag-health","tag-hikma-pharma","tag-ma-watch","tag-pharma","tag-real-estate","tag-sodic","tag-tana-africa-capital","wpautop","entry"],"acf":{"mongo_id":"3a44e789-f9c8-4c3f-a9f5-66c03de35797","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/473.jpg","photo_position":"above","related_issue":[565037],"teaser":"","voice_url":""},"yoast_head":"\nGSK Egypt rejects Acdima\u2019s bid to start due diligence, closing the door to a sale - 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\/15\/gsk-egypt-rejects-acdimas-bid-to-start-due-diligence-closing-the-door-to-a-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GSK Egypt rejects Acdima\u2019s bid to start due diligence, closing the door to a sale\" \/>\n<meta property=\"og:description\" content=\"GlaxoSmithKline Egypt\u2019s board of directors has rejected a request submitted by Acdima to start due diligence on the company, GSK said in an EGXdisclosure (pdf) this morning following a board meeting Sunday. 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The pharma giant initially wanted to sell its entire 91.2% stake\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":559931,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/gsk-only-has-eyes-for-hikma\/","url_meta":{"origin":565042,"position":1},"title":"GSK only has eyes for Hikma","author":"enterpriseam admin","date":"9 February 2021","format":false,"excerpt":"GlaxoSmithKline (GSK) has rejected separate takeover bids from Rameda and Acdima for its Egypt arm, focusing instead on talks with Hikma Pharma, according to regulatory filings (here and here \u2014 pdfs). GSK said the decision is meant to minimize disruption to the business and save time and resources that would\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\/2\/153.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559722,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/a-bidding-war-for-gsks-egyptian-arm\/","url_meta":{"origin":565042,"position":2},"title":"A bidding war for GSK\u2019s Egyptian arm?","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"Acdima may have just touched off a bidding war for GlaxoSmithKline's Egypt business, according to a regulatory filing (pdf) yesterday, less than a week after the global player revealed that Hikma was interested in a transaction. Acdima, a pharma industry investor focused on Arab countries, plans to make an 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\/2021\/2\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560791,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-hikma-end-acquisition-talks\/","url_meta":{"origin":565042,"position":3},"title":"GSK, Hikma end acquisition talks","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"Hikma Pharma won\u2019t be acquiring GlaxoSmithKline\u2019s Egypt unit: GSK and Hikma Pharma have agreed to end talks over a takeover bid submitted in January by the UK-listed company that would have seen it acquire a majority stake in GSK\u2019s Egypt arm, both companies said (here and here \u2013 pdfs) on\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\/185.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559757,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/rameda-throws-its-hat-in-the-ring-for-gsks-egypt-business\/","url_meta":{"origin":565042,"position":4},"title":"Rameda throws its hat in the ring for GSK\u2019s Egypt business","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"Ladies and gentlemen, we have a good, old-fashioned bidding war: Rameda Pharma is the latest to show interest in GlaxoSmithKline's Egypt business, joining LSE-listed Hikma Pharma and pharma industry investor Acdima \u2014 who are both planning their own bids. The company has submitted a non-binding letter of interest to GSK\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\/2\/58.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560822,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/15\/what-were-tracking-on-15-march-2021\/","url_meta":{"origin":565042,"position":5},"title":"What we\u2019re tracking on 15 March 2021","author":"enterpriseam admin","date":"15 March 2021","format":false,"excerpt":"Good morning, friends, and welcome to another brisk news day in which M&A news takes a back seat to the latest developments in the pandemic and the launch of an EGP 100 bn program to offer 30-year mortgages to low- and middle-income earners with subsidized rates. *** CATCH UP QUICK\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"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\/565042","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=565042"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565042\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565043"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565042"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565042"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}