{"id":635292,"date":"2024-07-29T00:00:00","date_gmt":"2024-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/meg-shareholders-have-19-working-days-to-respond-to-mena-glass-mto\/"},"modified":"2024-07-29T00:00:00","modified_gmt":"2024-07-29T00:00:00","slug":"meg-shareholders-have-19-working-days-to-respond-to-mena-glass-mto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/meg-shareholders-have-19-working-days-to-respond-to-mena-glass-mto\/","title":{"rendered":"MEG shareholders have 19 working days to respond to MENA Glass\u2019 MTO"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MEG shareholders have 19 working days to respond to MENA Glass\u2019 offer: <\/strong>Shareholders of EGX-listed bottle maker Middle East Glass (MEG) have until Thursday, 22 August to respond to parent company MENA Glass\u2019 MTO for an additional 40.8% of the company, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2212.jpg\" style=\"\" rel=\"noopener\">EGX bulletin (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">ICYMI:<\/strong><span style=\"background-color: transparent;\"> MENA Glass Holding submitted a <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d29ba32-c706-4fcc-a453-553ae4c097e1\/\" rel=\"noopener\">mandatory tender offer<\/a><span style=\"background-color: transparent;\"> earlier this month to acquire an additional 40.8% \u2014 25.5 mn shares \u2014 in MEG in a USD 57.8 mn transaction. MENA Glass Holding already holds 52.9% of MEG, while Gulf Capital\u2019s 36.9% stake (owned through special purpose vehicle MTM Packaging 2) makes it the second-largest shareholder. IGC Holdings owns 6.3%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It is looking unlikely that MENA Glass will get the entire 40.8% it\u2019s eyeing<\/strong>, after IGC rejected the offer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pricing:<\/strong> MENA Glass will pay USD 2.26 per share, a 774% premium on MEG\u2019s average share price of EGP 12.54 over the six months ending on 21 April. This price tag would put the transaction value at some USD 57.8 mn if the buyer ends up securing the full 40.8% and at some USD 52.2 mn if it only secures Gulf Capital\u2019s stake.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part cash, part installments:<\/strong> Gulf Capital has agreed to payment terms that will see MENA Glass pay USD 30 mn in cash once the offer expires, with the remaining USD 22.3 mn to be paid in installments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> MEG\u2019s board said it expects the acquisition to \u201cresult in positive impact on the company and ensure the implementation of the business plans and the employees development programs due to the administrative and technical experience and the financial soundness of Mena Glass Holdings,\u201d according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2219.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> EFG Hermes was tapped to broker the acquisition, while Bahaa Eldin Law Office and MENA Associates are acting as the buy-side legal advisor. MEG tapped Tanami Financial Advisory as its independent financial advisor to conduct the fair value study, while Arqaam Capital is sell-side advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MENA Glass could pay up to USD 57.8 mn in FX<\/p>\n","protected":false},"author":1,"featured_media":635293,"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":[7363],"tags":[72,1264,7128,7425],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-gulf-capital","tag-ma-watch","tag-middle-east-glass-manufacturing-company","wpautop","entry"],"acf":{"mongo_id":"82be744b-daf0-4086-aec2-6f847b29d79f","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2261.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MEG shareholders have 19 working days to respond to MENA Glass\u2019 MTO","related_issue":[635287],"teaser":"MENA Glass could pay up to USD 57.8 mn in FX","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.fd976b38-1f14-44a7-aeb7-973c8e2f6d20.mp3"},"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>MEG shareholders have 19 working days to respond to MENA Glass\u2019 MTO - 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\/2024\/07\/29\/meg-shareholders-have-19-working-days-to-respond-to-mena-glass-mto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MEG shareholders have 19 working 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already holds 53% of MEG","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":640499,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/27\/mena-glass-nearly-doubles-stake-middle-east-glass-to-c-93-7\/","url_meta":{"origin":635292,"position":1},"title":"MENA Glass nearly doubles stake Middle East Glass to c 93.7%","author":"enterpriseam admin","date":"27 August 2024","format":false,"excerpt":"Stakeholders agreed to offload 25.1 mn shares in an EGP 2.8 bn transaction","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A 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As we settle into the workweek, the local business and economic news cycle shows few signs of slowing down.THE BIG STORY TODAY The Fund is expected to hopefully greenlight another USD 820 mn tranche later today: We\u2019re waiting on updates this afternoon on the IMF Executive Board\u2019s\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/94.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607516,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/bidders-line-up-for-a-piece-of-middle-east-glass\/","url_meta":{"origin":635292,"position":4},"title":"Bidders line up for a piece of Middle East Glass","author":"enterpriseam admin","date":"4 October 2023","format":false,"excerpt":"DPI and Mediterrania Capital Partners are doing due diligence on the company","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/276.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604313,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/bp-to-invest-usd-3-5-bn-in-egypt-in-3-years-plus-latest-on-middle-east-glass-cairo-tokyo-flights-new-education-visas\/","url_meta":{"origin":635292,"position":5},"title":"BP to invest USD 3.5 bn in Egypt in 3 years. PLUS: latest on Middle East Glass, Cairo-Tokyo flights + new education visas","author":"enterpriseam admin","date":"29 August 2023","format":false,"excerpt":"BP CEO Bernard Looney held talks with President Abdel Fattah El Sisi yesterday","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/1334.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\/635292","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=635292"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635292\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/635287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/635293"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=635292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=635292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=635292"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=635292"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=635292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}