{"id":574674,"date":"2020-09-17T04:13:25","date_gmt":"2020-09-17T04:13:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/imex-acquisition-of-nile-cotton-on-track-to-wrap-up-next-week\/"},"modified":"2020-09-17T04:13:25","modified_gmt":"2020-09-17T04:13:25","slug":"imex-acquisition-of-nile-cotton-on-track-to-wrap-up-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/imex-acquisition-of-nile-cotton-on-track-to-wrap-up-next-week\/","title":{"rendered":"IMEX acquisition of Nile Cotton on track to wrap up next week?"},"content":{"rendered":"

<\/a> M&A W<\/strong>ATCH- IMEX acquisition of Nile Cotton on track to wrap up next<\/strong> week? <\/strong>An ongoing mandatory tender offer<\/a> from energy trading company IMEX International<\/a> to acquire at least 51% of Nile Cotton Ginning for EGP 50 \/ share is set to close successfully next week. With a 63% subscription rate, the offer has already exceeded the minimum threshold required for the acquisition to go through, Tarek Shawky, one of shareholders who accepted the bid, told Enterprise. The MTO officially wraps up next Thursday, 24 September, giving another six business days for individual shareholders to accept or reject the offer. Shawky holds less than 1% of the company and is one of its nearly 5,200 minority shareholders. Samir Afifi and Gamal El Garhy \u2014 two major shareholders who collectively own over 20% of the company \u2014 have also decided to accept the IMEX offer, Al Mal<\/a> reported yesterday.<\/p>\n

IMEX\u2019s offer price of EGP 50 per share values the entire company at <\/strong>EGP <\/strong>2.6 bn<\/strong> by our math. The company\u2019s land bank was estimated to have an average value of EGP 2.84 bn, according to a recent report (pdf)<\/a>.Nile Cotton is at the center of a longstanding dispute after a 2011 court ruling sought to reverse its Mubarak-era privatization, claiming the company had been undervalued.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- IMEX acquisition of Nile Cotton on track to wrap up next week? An ongoing mandatory tender offer from energy trading company IMEX International to acquire at least 51% of Nile Cotton Ginning for EGP 50 \/ share is set to close successfully next week. With a 63% subscription rate, the offer has already […]<\/p>\n","protected":false},"author":1,"featured_media":574675,"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":[957,72,7128,4241,10385,2380,5893],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-dispute-watch","tag-enterpriseam","tag-ma-watch","tag-nile-cotton-ginning","tag-shareholder-rights","tag-speed-round","tag-tender-offers","wpautop","entry"],"acf":{"mongo_id":"7bc4f734-1b0f-4f5f-843f-8a1f07779fcd","is_powered_by":true,"section_story_id":"fdc11f2d-2a92-4172-a3a7-7db0eaa0a631","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/201.jpg","photo_position":"above","related_issue":[574662],"teaser":"","voice_url":""},"yoast_head":"\nIMEX acquisition of Nile Cotton on track to wrap up next week? - 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\/2020\/09\/17\/imex-acquisition-of-nile-cotton-on-track-to-wrap-up-next-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMEX acquisition of Nile Cotton on track to wrap up next week?\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- IMEX acquisition of Nile Cotton on track to wrap up next week? An ongoing mandatory tender offer from energy trading company IMEX International to acquire at least 51% of Nile Cotton Ginning for EGP 50 \/ share is set to close successfully next week. 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Energy trading company IMEX International\u2019s offer to acquire 50% of Nile Cotton Ginning has been plunged into uncertainty after majority shareholder Samir Afifiy and associates who collectively own 13% of the company refused IMEX\u2019s offer price, unnamed sources told\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\/2020\/8\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574591,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/nile-cotton-ginning-board-thinks-imex-offer-price-is-low\/","url_meta":{"origin":574674,"position":1},"title":"Nile Cotton Ginning board thinks IMEX offer price is low","author":"enterpriseam admin","date":"15 September 2020","format":false,"excerpt":"M&A WATCH- Nile Cotton Ginning board thinks IMEX offer price is low: Nile Cotton Ginning's board of directors believe that IMEX International's mandatory tender offer to purhcase at least 51% of the company's shares at EGP 50 apiece is an undervaluation and needs an upward revision, according to an EGX\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":574036,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/27\/imex-intl-plans-to-acquire-over-50-of-egypts-nile-cotton-ginning\/","url_meta":{"origin":574674,"position":2},"title":"IMEX Int\u2019l plans to acquire over 50% of Egypt\u2019s Nile Cotton Ginning","author":"enterpriseam admin","date":"27 August 2020","format":false,"excerpt":"M&A WATCH- Energy trading company IMEX International is planning to acquire at least 50% of Nile Cotton Ginning, according to a letter to the Financial Regulatory Authority (FRA). IMEX told the market regulator it will submit a mandatory tender offer for EGP 50 per share. The company has appointed EgyTrend\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":574467,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/imex-to-submit-offer-to-acquire-100-of-nile-cotton-ginning\/","url_meta":{"origin":574674,"position":3},"title":"IMEX to submit offer to acquire 100% of Nile Cotton Ginning","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"M&A WATCH- IMEX to submit offer to acquire 100% of Nile Cotton Ginning: IMEXInternational has submitted an offer to purchase 100% of Nile Cotton Ginning, the Financial Regulatory Authority (FRA) said in a statement (pdf) on Wednesday. The energy trading company has originally planned to acquire a 50% stake in\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\/2020\/9\/128.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575141,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/imex-acquires-94-of-nile-cotton-ginning\/","url_meta":{"origin":574674,"position":4},"title":"IMEX acquires 94% of Nile Cotton Ginning","author":"enterpriseam admin","date":"4 October 2020","format":false,"excerpt":"IMEX International acquired 93.9% of Nile Cotton Ginning on Thursday for EGP 2.48 bn, buying 49.76 mn shares at EGP 50 apiece, Al Mal reports, citing a disclosure to the EGX on Thursday. EgyTrend is acting as IMEX\u2019s financial advisor on the transaction.","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622552,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/04\/foreign-shareholders-in-nile-cotton-ginning-to-launch-arbitration-proceedings-next-month\/","url_meta":{"origin":574674,"position":5},"title":"Foreign shareholders in Nile Cotton Ginning to launch arbitration proceedings next month","author":"enterpriseam admin","date":"4 October 2018","format":false,"excerpt":"Foreign shareholders of Nile Cotton Ginning to launch arbitration proceedings soon: Foreign shareholders in Nile Cotton Ginning are planning to bring up an arbitration case in London soon over an eight-year dispute with\u00a0parent company the Holding Company for Construction and Development (HCCD), Nile Cotton Chairman El Sayed El Saify tells\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574674","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=574674"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574674\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574662"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574675"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574674"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574674"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}