{"id":593464,"date":"2019-11-28T04:16:03","date_gmt":"2019-11-28T04:16:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/adeptio-says-fras-rejection-of-mto-for-americana-egypt-unjustifiable-could-resort-to-legal-action\/"},"modified":"2019-11-28T04:16:03","modified_gmt":"2019-11-28T04:16:03","slug":"adeptio-says-fras-rejection-of-mto-for-americana-egypt-unjustifiable-could-resort-to-legal-action","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/adeptio-says-fras-rejection-of-mto-for-americana-egypt-unjustifiable-could-resort-to-legal-action\/","title":{"rendered":"Adeptio says FRA\u2019s rejection of MTO for Americana Egypt \u201cunjustifiable,\u201d could resort to legal action"},"content":{"rendered":"

<\/a> M&A WATCH- Adeptio says FRA\u2019s rejection of MTO for Americana Egypt <\/strong>\u201cunjustifiable,\u201d could resort to legal action:<\/strong> 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<\/a> is \u201cunjustifiable,\u201d Adeptio said in a statement yesterday (pdf)<\/a>. The company says the MTO it presented, which was prepared by a financial consultant \u201cendorsed by the FRA,\u201d offered to buy Americana\u2019s stakes at a fair value. Adeptio suggested in the statement that the FRA\u2019s decision was influenced by \u201csystematic and negative media campaigns launched against the company\u201d and called on the market regulator to reassess its decision based on the provisions of Egyptian law.<\/p>\n

Adeptio is now looking into taking legal action<\/strong>, saying it will \u201cspare no effort to escalate the issue to the highest authorities\u201d should a settlement agreement fail to materialize. The company maintains that it has cooperated with the FRA on its previous decisions on the matter, which Adeptio says is an indicator of its \u201cconfidence\u201d and \u201ccommitment\u201d to its investments in Egypt.<\/p>\n

Background:<\/strong> Adeptio acquired 67% in Kuwait Food Company (Americana) in June 2016 following a two-year process, giving it indirect ownership of the majority of Americana Egypt. The FRA then ordered Adeptio to submit an MTO to buy the remaining shares in Americana Egypt earlier this year<\/a> and cover the 9.563% of Americana that Adeptio doesn\u2019t already own, but Adeptio had argued that its indirect ownership in the company is less than 90% of its total capital and therefore does not require an MTO submission. Adeptio submitted an appeal against the order, which the FRA promptly rejected. The company then filed a suit with an economic court challenging the FRA\u2019s rejection, but the court also dismissed the appeal<\/a>. Adeptio then submitted an MTO for Americana, offering EGP 3.90 per share, which the FRA said was was too low an offer. Americana\u2019s minority shareholders had previously signaled<\/a> they would only be satisfied with an offer in the range of EGP 24 \/ share. The FRA obliged Adeptio to hire a new independent financial consultant and present a fresh fair value report within one month.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 yesterday (pdf). The company says […]<\/p>\n","protected":false},"author":1,"featured_media":593465,"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":[4506,2363,11074,72,76,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-adeptio","tag-americana-egypt","tag-americana-kuwait","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f68c951d-bf23-4380-9390-d786605a6a39","is_powered_by":true,"section_story_id":"0d8c72f4-1648-4347-a729-8b8478ac2d5b","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/697.jpg","photo_position":"above","related_issue":[593455],"teaser":"","voice_url":""},"yoast_head":"\nAdeptio says FRA\u2019s rejection of MTO for Americana Egypt \u201cunjustifiable,\u201d could resort to legal action - 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\/2019\/11\/28\/adeptio-says-fras-rejection-of-mto-for-americana-egypt-unjustifiable-could-resort-to-legal-action\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adeptio says FRA\u2019s rejection of MTO for Americana Egypt \u201cunjustifiable,\u201d could resort to legal action\" \/>\n<meta property=\"og:description\" content=\"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 yesterday (pdf). 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extension to submit offer to minority shareholders of Americana Egypt: The Financial Regulatory Authority (FRA) given Adeptio AD Investments a 15-day grace period to submit a mandatory tender offer (MTO) to buy out minority shareholders in the Egyptian International Tourism Projects Company (Americana), according to\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":593054,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/fra-is-now-studying-adeptios-mto-offer-to-acquire-americana-egypt\/","url_meta":{"origin":593464,"position":3},"title":"FRA is now studying Adeptio\u2019s MTO offer to acquire Americana Egypt","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"M&A WATCH- FRA begins review of Adeptio MTO for Americana acquisition: The Financial Regulatory Authority (FRA) is reviewing the mandatory tender offer (MTO) Adeptio has submitted to buy out minority shareholders in the Egyptian International Tourism Projects Company (Americana), according to an FRA statement (pdf). The MTO covers the 9.563%\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":593187,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/20\/egypts-fra-to-adeptio-your-americana-mto-offer-shall-not-pass\/","url_meta":{"origin":593464,"position":4},"title":"Egypt's FRA to Adeptio: Your Americana MTO offer shall not pass","author":"enterpriseam admin","date":"20 November 2019","format":false,"excerpt":"M&A WATCH- FRA tells Adeptio: Your Americana MTO offer shall not pass: The Financial Regulatory Authority (FRA) has rejected the mandatory tender offer (MTO) from Adeptio to acquire the Egyptian International Tourism Projects Company (Americana), according to a disclosure to the bourse (pdf). The market regulator said that Adeptio\u2019s offer\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\/2\/44.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601811,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/11\/americana-minority-shareholders-ask-fra-to-file-lawsuit-against-alabbar\/","url_meta":{"origin":593464,"position":5},"title":"Americana minority shareholders ask FRA to file lawsuit against Alabbar","author":"enterpriseam admin","date":"11 March 2019","format":false,"excerpt":"M&A WATCH- Americana\u2019s minority shareholders ask FRA to compel MTO bid by Alabbar: Minority shareholders of Egyptian International Tourism Projects Company (Americana Egypt) are demanding that the Financial Regulatory Authority (FRA) take legal action to compel a company led by Emirati business figure Mohamed Alabbar to make a mandatory tender\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\/593464","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=593464"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593464\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593465"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593464"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593464"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}