{"id":621224,"date":"2018-11-04T05:08:29","date_gmt":"2018-11-04T05:08:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/medhat-khalil-considers-forming-consortium-for-egp-500-mn-take-private-bid-on-raya\/"},"modified":"2018-11-04T05:08:29","modified_gmt":"2018-11-04T05:08:29","slug":"medhat-khalil-considers-forming-consortium-for-egp-500-mn-take-private-bid-on-raya","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/medhat-khalil-considers-forming-consortium-for-egp-500-mn-take-private-bid-on-raya\/","title":{"rendered":"Medhat Khalil considers forming consortium for EGP 500 mn take-private bid on Raya"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>M&A WATCH- Medhat Khalil considers forming consortium for EGP 500 mn take-private bid on Raya:<\/strong> Raya founder Medhat Khalil is putting together a group of investors to take Raya Holding for Financial Investments private via a mandatory tender offer (MTO) to acquire 100% of the company, Khalil <a href=\"https:\/\/www.almalnews.com\/Story\/396800\/11\/%D8%B1%D8%A6%D9%8A%D8%B3%E2%80%AD-%E2%80%AC%E2%80%AE%C2%AB%E2%80%AC%D8%B1%D8%A7%D9%8A%D8%A9%E2%80%AD-%E2%80%AC%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9%E2%80%AE%C2%BB%E2%80%AC%E2%80%AD-%E2%80%AC%D9%8A%D8%AF%D8%B1%D8%B3%E2%80%AD-%E2%80%AC%D8%A7%D9%84%D8%AA%D8%AD%D8%A7%D9%84%D9%81%E2%80%AD-%E2%80%AC%D9%85%D8%B9%E2%80%AD-%E2%80%AC%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86%E2%80%AD-%E2%80%AC%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B0%E2%80%AD-%E2%80%AC%D8%B9%D9%84%D9%89%E2%80%AD-%E2%80%AC%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A958%E2%80%AD-%E2%80%AC%D9%85%D9%86%E2%80%AD-%E2%80%AC%D8%A7%D9%84%D8%B4\">told Al Mal in an interview<\/a> on Thursday. Khalil estimates that he would need EGP 500 mn buy the outstanding 58% of Raya, noting that he would be forced to acquire at a premium.<\/p>\n<p><strong>Caught by surprise: <\/strong>Khalil <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/31\/medhat-khalil-co-looking-to-submit-mto-for-raya\/\">confirmed reports<\/a> that the Financial Regulatory Authority (FRA) had ordered that Khalil launch an MTO or sell off shares, saying that the order caught him by surprise. Khalil and family members control 32% of shares, less than the 33% required to trigger an MTO, he said. But the FRA decided to count the 10% stake owned separately by his brother-in-law as a related party, bringing the Khalil group\u2019s total stake at 42%.<\/p>\n<p><strong>What\u2019s next: <\/strong>Khalil said It was unlikely that he will sell any of his shares. This leaves him between the hammer of having to execute the MTO before the FRA\u2019s deadline of 27 November, and the anvil of paying fines of up to EGP 1 mn, he said. He is currently studying legal options to address the MTO. He is also consulting with a number of investment banks, including EFG Hermes, to see what is the best way to go, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Medhat Khalil considers forming consortium for EGP 500 mn take-private bid on Raya: Raya founder Medhat Khalil is putting together a group of investors to take Raya Holding for Financial Investments private via a mandatory tender offer (MTO) to acquire 100% of the company, Khalil told Al Mal in an interview on Thursday. [&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":[72,76,7128,3707,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621224","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","tag-raya-holding-for-financial-investments","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5d8117f9-17fa-4060-9365-85d3d749e83e","order":"0","is_powered_by":true,"section_story_id":"34503f00-5e70-452d-8efa-b46f3acbb1b6","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621212],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Medhat Khalil considers forming consortium for EGP 500 mn take-private bid on Raya - 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\/2018\/11\/04\/medhat-khalil-considers-forming-consortium-for-egp-500-mn-take-private-bid-on-raya\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medhat Khalil considers forming consortium for EGP 500 mn take-private bid on Raya\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Medhat Khalil considers forming consortium for EGP 500 mn take-private bid on Raya: Raya founder Medhat Khalil is putting together a group of investors to take Raya Holding for Financial Investments private via a mandatory tender offer (MTO) to acquire 100% of the company, Khalil told Al Mal in an interview on Thursday. 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Khalil is bidding for c. 46.3 mn shares at EGP 9.4 a share, bringing\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":602927,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/10\/medhat-khalil-acquires-26-7-of-raya-holding-shares-in-mto\/","url_meta":{"origin":621224,"position":5},"title":"Medhat Khalil acquires 26.7% of Raya Holding shares in MTO","author":"enterpriseam admin","date":"10 April 2019","format":false,"excerpt":"M&A WATCH- Medhat Khalil acquires 26.7% of Raya Holding shares in MTO: Raya Holding Chairman Medhat Khalil bought 26.7% (56.919 mn shares) of Raya Holding through his El Pharonia Real Estate Investment at a cost of EGP 314.76 mn in a mandatory tender offer (MTO) that ended on Sunday, 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621224","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=621224"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621224\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621212"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621224"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621224"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}