{"id":572618,"date":"2020-07-01T04:56:09","date_gmt":"2020-07-01T04:56:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/adeptio-loses-appeal-americana-mto-dispute-receives-new-fair-value-study\/"},"modified":"2020-07-01T04:56:09","modified_gmt":"2020-07-01T04:56:09","slug":"adeptio-loses-appeal-americana-mto-dispute-receives-new-fair-value-study","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/adeptio-loses-appeal-americana-mto-dispute-receives-new-fair-value-study\/","title":{"rendered":"Adeptio loses appeal Americana MTO dispute, receives new fair value study"},"content":{"rendered":"<p><strong>DISPUTE WATCH- Adeptio loses appeal Americana MTO dispute, receives new fair value <\/strong><strong>study:<\/strong> An administrative court has rejected Adeptio\u2019s appeal against a Financial Regulatory Authority (FRA) decision requiring it to mount a mandatory tender offer (MTO) for its acquisition of a minority stake in the Egyptian International Tourism Projects Company (Americana), according to a <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%D8%A7%D9%85%D8%B1%D9%8A%D9%83%D8%A7%D9%86%D8%A7%20%D8%A8%D9%8A%D8%A7%D9%86%20%D8%B1%D8%AF%2030-06-2020.pdf\">disclosure to the EGX (pdf)<\/a>. Adeptio had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8fbaed6b-b2d5-4ffd-a299-8b6fe04eb8bb\">lost an appeal in February<\/a> against the market regulator\u2019s decision to reject the MTO last November. The FRA received a fair value assessment by Adeptio\u2019s new financial adviser, Ernst & Young, it said in a <a href=\"https:\/\/www.egx.com.eg\/downloads\/Bulletins\/247507_1.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>Background:<\/strong> Adeptio was <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/06\/americanas-adeptio-to-challenge-fra-rejection-of-mto-related-appeal-before-court\/\">ordered last year<\/a> to submit an MTO for an outstanding 9.563% of Americana Egypt\u2019s shares, after it acquired a 67% stake in parent company Kuwait Food Company (Americana) and gained indirect ownership of more than 90% of the subsidiary\u2019s shares. Adeptio initially claimed it should not be required to submit an MTO, but after <a href=\"https:\/\/www.marketscreener.com\/EGYPTIAN-CO-FOR-INTL-TOUR-20701773\/news\/Egyptian-for-Intl-Touristic-Projects-Americana-profits-ebb-to-LE5-m-ending-Dec-2017-26020263\/\">a few denied appeals<\/a>, the company <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/20\/egypts-fra-to-adeptio-your-americana-mto-offer-shall-not-pass-6748\/\">submitted an offer<\/a> based on a study by Fincorp. Americana\u2019s minority shareholders<a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/04\/americana-minority-shareholders-demand-adeptio-revalue-the-company-7710\/\">rejected the offer<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/265b9073-40a9-4254-8679-e1d1783ae28f\">appointed a new financial adviser<\/a> after Fincorp was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90c5fe3a-1854-4dfd-926f-d60286d98fd7\">suspended from carrying out valuation studies<\/a> for three months by the FRA.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISPUTE WATCH- Adeptio loses appeal Americana MTO dispute, receives new fair value study: An administrative court has rejected Adeptio\u2019s appeal against a Financial Regulatory Authority (FRA) decision requiring it to mount a mandatory tender offer (MTO) for its acquisition of a minority stake in the Egyptian International Tourism Projects Company (Americana), according to a disclosure [&hellip;]<\/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":[8572],"tags":[4506,2363,4912,72,76,4391,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572618","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-adeptio","tag-americana-egypt","tag-egyptian-international-tourism-projects-company","tag-enterpriseam","tag-financial-regulatory-authority","tag-fincorp","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b31230e4-9fd8-473b-9ace-73eb7b921f1e","is_powered_by":true,"section_story_id":"dde91262-9965-49fc-933e-b4a42a5ebf3c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[572608],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The MTO covers the 9.563%\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":601649,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/06\/americanas-adeptio-to-challenge-fra-rejection-of-mto-related-appeal-before-court\/","url_meta":{"origin":572618,"position":3},"title":"Americana\u2019s Adeptio to challenge FRA rejection of MTO-related appeal before court","author":"enterpriseam admin","date":"6 March 2019","format":false,"excerpt":"M&A WATCH- Americana\u2019s Adeptio to challenge FRA rejection of its appeal against MTO decision: The Egyptian International Tourism Projects Company\u2019s (Americana Egypt) main shareholder Adeptio AD Investments will challenge before an administrative court the Financial Regulatory Authority\u2019s (FRA) rejection of its appeal against an order to submit a mandatory tender\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":570986,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/americana-egypt-appoints-new-financial-adviser-to-conduct-valuation-ahead-of-adeptio-mto\/","url_meta":{"origin":572618,"position":4},"title":"Americana Egypt appoints new financial adviser to conduct valuation ahead of Adeptio MTO","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"M&A WATCH- Americana Egypt appoints new financial adviser to conduct valuation ahead of Adeptio MTO: The Egyptian Company for International Tourism Projects (Americana Egypt) has selected an unnamed financial adviser to conduct a fair valuation of the company ahead of Adeptio\u2019s mandatory tender offer (MTO) for minority shares in the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":593464,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/adeptio-says-fras-rejection-of-mto-for-americana-egypt-unjustifiable-could-resort-to-legal-action\/","url_meta":{"origin":572618,"position":5},"title":"Adeptio says FRA\u2019s rejection of MTO for Americana Egypt \u201cunjustifiable,\u201d could resort to legal action","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"M&A WATCH- Adeptio says FRA\u2019s rejection of MTO for Americana Egypt \u201cunjustifiable,\u201d could resort to legal action: The Financial Regulatory Authority\u2019s (FRA) rejection of Gulf investment outfit Adeptio\u2019s mandatory tender offer (MTO) to acquire the Egyptian International Tourism Projects Company (Americana) last week is \u201cunjustifiable,\u201d Adeptio said in a statement\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/697.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\/572618","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=572618"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572618\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572608"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572618"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572618"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}