{"id":565917,"date":"2021-05-17T14:01:37","date_gmt":"2021-05-17T14:01:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/cleopatra-wants-100-of-alex-medical\/"},"modified":"2021-05-17T14:01:37","modified_gmt":"2021-05-17T14:01:37","slug":"cleopatra-wants-100-of-alex-medical","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/cleopatra-wants-100-of-alex-medical\/","title":{"rendered":"Cleopatra wants 100% of Alex Medical"},"content":{"rendered":"

<\/a> Cleopatra mounts Alex Medical takeover bid:<\/strong> 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 (<\/a>pdf<\/a>)<\/a> this morning. The company has offered to purchase all 14.3 mn shares at EGP 38.53 apiece.<\/p>\n

This valuation is below initial offers submitted by other bidders<\/strong>, which were reported earlier this month<\/a> to be in the region of EGP 700-750 mn. PwC\u2019s due diligence report suggested that this could rise to EGP 800 mn, given the strong competition for the company.<\/p>\n

Cleo\u2019s MTO is currently being studied by regulators<\/strong>, the Financial Regulatory Authority confirmed (pdf)<\/a>.<\/p>\n

We\u2019ve known for a month that Cleopatra was eyeing a stake in Alex Medical: <\/strong>CHG submitted in mid-April a non-binding offer<\/a> to acquire Abu Dhabi Commercial Bank\u2019s 51.4% stake in the company. The formal offer submitted today, which would value the Gulf lender\u2019s stake at EGP 282.7 mn, is \u201cin line with the process that was initiated by ADCB\u2019s advisors,\u201d CHG said.<\/p>\n

What they said:<\/strong> \u201cAlex Medical is a strategic acquisition, as part of the group\u2019s expansion plan and strategy to develop and provide high-quality medical services to Egyptians across the country,\u201d said Cleopatra CEO Ahmed Ezzeldin. The company has a large footprint in Alexandria and would allow CHG to expand outside of Cairo to the country\u2019s second-biggest city, where demand is increasing for medical services, he said.<\/p>\n

The latest play in a bidding war for Alex Medical: <\/strong>Cleopatra is among six interested bidders who want to snap up ADCB\u2019s stake. Theother five<\/a> include Nile Scan<\/a>, Alexandria for Medical Investment Company (the majority shareholder of Mabaret Al Asafra Hospitals Group), healthcare investment firm Seha Capital, the UAE\u2019s Global One Healthcare Holding, and a consortium made up of Speed Medical, Tawasol and Limevest. Final binding offers are expected to be submitted to CI Capital this week<\/strong> after bidders wrap up the due diligence.<\/p>\n

This is CHG\u2019s second attempt for a big acquisition<\/strong> after talks with Alameda Healthcare collapsed last week<\/a> without an agreement. Neither company provided an explanation but both said regulators were not to blame.<\/p>\n

How will Egypt\u2019s competition watchdog respond to CHG\u2019s play for Alex Medical? <\/strong>The Egyptian Competition Authority is likely not to have concerns over this acquisition as it gives CHG the chance to expand in a new geographical area rather than a bigger market share inside Cairo as the case was with Alameda, sources tell us.<\/p>\n

Advisors<\/strong>. EFG Hermes is acting as CHG\u2019s financial advisor<\/a>, while MHR & Partners and White & Case LLP act as the legal advisors. CI Capital is the sell-side advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 offered to purchase all 14.3 […]<\/p>\n","protected":false},"author":1,"featured_media":565918,"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":[2336,192,549,633,76,7138,7128,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-alexandria-medical-services","tag-cleopatra-hospitals-group","tag-egyptian-competition-authority","tag-enterprisepm","tag-financial-regulatory-authority","tag-health","tag-ma-watch","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"8bcdeedc-6ea2-4492-adf0-c0dad0bff1f1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/367.jpg","photo_position":"above","related_issue":[565912],"teaser":"","voice_url":""},"yoast_head":"\nCleopatra wants 100% of Alex Medical - 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\/05\/17\/cleopatra-wants-100-of-alex-medical\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleopatra wants 100% of Alex Medical\" \/>\n<meta property=\"og:description\" content=\"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. 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The company notified the regulator yesterday, according\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\/10\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565509,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/its-official-chg-wants-alex-medical\/","url_meta":{"origin":565917,"position":1},"title":"It\u2019s official: CHG wants Alex Medical","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"Cleopatra Hospitals has confirmed it\u2019s in the race for a stake in Alex Medical: EGX-listed Cleopatra Hospitals Group (CHG) has submitted a non-binding letter of intent to acquire Abu Dhabi Commercial Bank\u2019s (ADCB) 51.5% stake in Alexandria Medical Services, it said in a regulatory filing (pdf) this morning. CHG submitted\u2026","rel":"","context":"In "SPEED ROUND:M&A WATCH"","block_context":{"text":"SPEED ROUND:M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-roundma-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":565627,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/its-official-4-investors-are-in-the-bidding-war-for-alex-medical\/","url_meta":{"origin":565917,"position":2},"title":"It\u2019s official: 4 investors are in the bidding war for Alex Medical","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"Healthcare investment firm Seha Capital is the latest to throw its hat in the ring for Alexandria Medical Services as Abu Dhabi Commercial Bank(ADCB) looks to offload its 51.54% stake, Alex Medical said in an EGX disclosure (pdf).The company is now officially being courted by four bidders: EGX-listed Cleopatra Hospitals\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":563549,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/enough-is-enough\/","url_meta":{"origin":565917,"position":3},"title":"Enough is enough","author":"enterpriseam admin","date":"7 July 2021","format":false,"excerpt":"Nile Misr Medical Holding is ready to exit the race to acquire Alexandria Medical Services should the bidding war continue to drive up the purchase price, the CEO of the company told us yesterday. \u201cWe\u2019re still in the race, but we think [offers on the table] are on the high\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\/67.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":565917,"position":4},"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":[]},{"id":566328,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/earnings-emaar-misr-alex-medical-more-than-double-net-income-in-1q2021\/","url_meta":{"origin":565917,"position":5},"title":"Earnings: Emaar Misr, Alex Medical more than double net income in 1Q2021","author":"enterpriseam admin","date":"13 June 2021","format":false,"excerpt":"EARNINGS WATCH- Emaar Misr\u2019s consolidated net income more than doubled in 1Q2021 to EGP 529.1 mn, up from EGP 247.6 mn in the same quarter last year, according to the real estate developer\u2019s financials (pdf). The jump came as revenues soared during the first quarter of the year to EGP\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"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\/565917","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=565917"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565917\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565918"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565917"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565917"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}