{"id":600296,"date":"2019-01-27T04:21:50","date_gmt":"2019-01-27T04:21:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/"},"modified":"2019-01-27T04:21:50","modified_gmt":"2019-01-27T04:21:50","slug":"sodic-calls-off-all-share-acquisition-of-mnhd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/","title":{"rendered":"SODIC calls off all-share acquisition of MNHD"},"content":{"rendered":"

<\/a> M&A WATCH- SODIC calls off all-share acquisition of MNHD:<\/b> Upmarket real estate developer SODIC will not submit a mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD) through a direct share swap, according to a regulatory filing (pdf)<\/a> on Wednesday. B-Investments, a lead shareholder of MNHD, also put out a statement via the EGX on Wednesday (pdf)<\/a> saying it would not go through with the merger. SODIC had received Financial Regulatory Authority approval<\/a> about two weeks ago to extend for 60 days the deadline to submit the MTO.<\/p>\n

The EGX suspended trading in SODIC shares on Wednesday.<\/b> The stock market also reversed all Tuesday trades on both MNHD and SODIC except for specific transactions that took place using the same-day settlement mechanism. Reuters also has the story<\/a>.<\/p>\n

Why the sudden move?<\/b> It seems MNHD wanted more: The company said in documents seen by Enterprise that an EGP 800 mn settlement<\/a> SODIC agreed in December with the Illicit Gains Authority (IGA) as well as the status of land on the North Coast warranted revisiting the share-swap ratio.<\/p>\n

SODIC told investors on Thursday that revising the swap ratio was simply unwarranted. <\/b>The IGA settlement was already disclosed and priced in, company execs said on a conference call with investors, and SODIC\u2019s North Coast land has no real exposure to a recent presidential decree: \u201cThe sales of Caesar and Malaaz (the company\u2019s projects in the North Coast) are both developed on registered land plots,\u201d according to a summary of the call prepared by investment bankers and obtained by Enterprise. The related plot does not fall within the borders of El Alamein City or Ras El Hekma, the summary notes. A separate statement by SODIC (pdf)<\/a> reiterated that the IGA settlement would have only a modest impact on the company\u2019s financials. It also indicated that the request two weeks ago to delay the MTO was made with MNHD on side.<\/p>\n

What\u2019s next for SODIC? <\/b>Speaking on the investor call, SODIC management characterized the merger as \u201cnice to have \/ do\u201d but said calling it off would have no impact on the company given its sufficient land bank, sales and delivery momentum.<\/p>\n

What about MNHD? <\/b>MNHD said much the same: A company exec speaking with Enterprise told us that operations weren\u2019t dependent on the transaction and will not be hit by the death the merger. MNHD is targeting sales of EGP 7 bn in 2019 compared to EGP 5.5 bn in 2018, the official added.<\/p>\n

What does this mean for the real estate industry? <\/b>For the wider industry, there\u2019s little fallout today \u2014 though competitors including TMG and Palm Hills Developments are likely breathing a little easier this morning. The merger would have created the second-largest player in the industry. But the sector is still ripe for consolidation<\/b>, Allen Sandeep, head of research at Naeem Brokerage, told us. Liquidity pressures faced by players outside the Big Five will ensure that.<\/p>\n

Background:<\/b> The transaction would have been the first all-share M&A on the EGX, with regulations allowing the transaction still in the pipeline. It would also have ranked as one of the largest in EGX history. SODIC announced in October<\/a> that it had preliminarily set the swap ratio at two shares of MNHD for one share of SODIC and suggested the transaction could allow MNHD to remain listed on the EGX.<\/p>\n

Advisers:<\/b> MNHD was advised by EFG Hermes and Zaki Hashem & Partners. SODIC was advised by CI Capital and White & Case.<\/p>\n

Disclosure: <\/b>SODIC is a founding sponsor of Enterprise. MNHD is a longstanding client of Inktank, Enterprise\u2019s parent company.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- SODIC calls off all-share acquisition of MNHD: Upmarket real estate developer SODIC will not submit a mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD) through a direct share swap, according to a regulatory filing (pdf) on Wednesday. B-Investments, a lead shareholder of MNHD, also put out […]<\/p>\n","protected":false},"author":1,"featured_media":600297,"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":[72,7128,353,312,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-ma-watch","tag-madinet-masr-for-housing-and-development","tag-sodic","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"78e8fb51-9ae8-4be3-a79e-e9376e29e2c7","is_powered_by":true,"section_story_id":"6a03f35b-57fb-46bb-bee1-f870adca389a","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/2559.jpg","photo_position":"above","related_issue":[600290],"teaser":"","voice_url":""},"yoast_head":"\nSODIC calls off all-share acquisition of MNHD - 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\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC calls off all-share acquisition of MNHD\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- SODIC calls off all-share acquisition of MNHD: Upmarket real estate developer SODIC will not submit a mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD) through a direct share swap, according to a regulatory filing (pdf) on Wednesday. B-Investments, a lead shareholder of MNHD, also put out […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-27T04:21:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/1\/2559.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC calls off all-share acquisition of MNHD\",\"datePublished\":\"2019-01-27T04:21:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\"},\"wordCount\":606,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/1\/2559.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"M&A Watch\",\"Madinet Masr for Housing and Development\",\"SODIC\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\",\"name\":\"SODIC calls off all-share acquisition of MNHD - 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submit MTO for MNHD acquisition: The Financial Regulatory Authority (FRA) has approved upmarket real estate developer SODIC\u2019s request for a 60-day grace period to submit its mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD)\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":630073,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/mnhd-explores-possible-merger-or-acquisition-with-sodic\/","url_meta":{"origin":600296,"position":1},"title":"MNHD explores possible merger or acquisition with SODIC","author":"enterpriseam admin","date":"11 April 2018","format":false,"excerpt":"M&A WATCH- MNHD wants to open talks on merger with, or acquisition of, SODIC: The board of directors of Madinet Nasr Housing & Development (MNHD) has given its chairman the go ahead to open talks with our friends at SODIC with a view to either acquiring the upmarket developer or\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":600636,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/emaar-misr-denies-mnhd-acquisition-talks\/","url_meta":{"origin":600296,"position":2},"title":"Emaar Misr denies MNHD acquisition talks","author":"enterpriseam admin","date":"5 February 2019","format":false,"excerpt":"M&A WATCH- Emaar Misr says not looking to acquire MNHD: Emaar Misr for Development has denied it is in talks with Madinet Nasr Housing and Development (MNHD) to acquire the company, according to an EGX filing (pdf). This came as media reports claimed that the Emirati real estate company was\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":623269,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egypt-real-estate-giants-sodic-mnhd-release-operational-updates-as-they-push-ahead-with-merger\/","url_meta":{"origin":600296,"position":3},"title":"Egypt real estate giants SODIC, MNHD release operational updates as they push ahead with merger","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #3 M&A WATCH- Real estate giants SODIC and MNHD release operational updates. The two players in what we believe is Egypt\u2019s largest-ever domestic merger issued operational updates yesterday as the transaction chugs toward a potential end-of-year close: SODIC sees net contracted sales growing 14% y-o-y 2018: SODIC is anticipating\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":627703,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/could-the-potential-sodic-mnhd-merger-come-in-the-form-of-a-share-swap\/","url_meta":{"origin":600296,"position":4},"title":"Could the potential SODIC-MNHD merger come in the form of a share swap?","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"M&A WATCH- SODIC-MNHD to take the form of a share swap? It appears that the potential merger between our friends at SODIC and Madinet Nasr Housing and Development (MNHD) could take the form of a share swap, as it is \u201cthe path of least resistance,\u201d MNHD CEO Ahmed El Hitamy\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":628569,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/sodic-appoints-ci-capital-as-advisor-on-potential-transaction-with-mnhd\/","url_meta":{"origin":600296,"position":5},"title":"SODIC appoints CI Capital as advisor on potential transaction with MNHD","author":"enterpriseam admin","date":"8 May 2018","format":false,"excerpt":"M&A WATCH- SODIC appoints CI Capital as advisor on potential transaction with MNHD: Our friends at SODIC confirmed yesterday that they have appointed CI Capital as advisor on a transaction that could see SODIC and developer Madinet Nasr Housing and Development (MNHD) combine their businesses. Both SODIC and MNHD expect\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\/600296","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=600296"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600296\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600297"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600296"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600296"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}