{"id":672682,"date":"2025-09-29T00:00:00","date_gmt":"2025-09-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/29\/fra-greenlights-wafa-raya-tender-offers-as-bids-go-live-on-egx\/"},"modified":"2025-09-29T00:00:00","modified_gmt":"2025-09-29T00:00:00","slug":"fra-greenlights-wafa-raya-tender-offers-as-bids-go-live-on-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/29\/fra-greenlights-wafa-raya-tender-offers-as-bids-go-live-on-egx\/","title":{"rendered":"FRA greenlights Wafa, Raya tender offers as bids go live on EGX"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FRA clears t<\/strong><strong>wo MTOs to go live: <\/strong>The Financial Regulatory Authority (FRA) signed off on the publication of two mandatory tender offers (MTOs) \u2014 Wafa Assurance\u2019s and Raya Holding's \u2014 moving them from filing to execution. Both offers are now open to shareholders on the EGX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Wafa\u2019s takeover bid for Delta opens:<\/strong> Casablanca-listed Wafa Assurance secured regulatory clearance to proceed with its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1639.pdf\" style=\"\" rel=\"noopener\">MTO (pdf)<\/a> for Delta Ins., it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1653.pdf\" style=\"\" rel=\"noopener\">a bourse disclosure (pdf)<\/a>. The target company\u2019s shareholders now have until Monday, 27 October, to decide whether to tender their holdings into the MTO with settlement due within five days of closing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> The liquid MTO is live at EGP 40 per share for up to 125 mn Delta shares (100% of the company), with a minimum acceptance threshold of 51%. This values the transaction <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbfa29a8-3d32-4d5b-a5ca-aeaa2fa18c09\/%253cmark%253ewafa%253c%2Fmark%253e-assurance-submits-mto-to-acquire-delta-ins.\" style=\"\" rel=\"noopener\">at up to EGP 5 bn<\/a> and gives Wafa a pathway to either majority or full control of the company. Wafa submitted the MTO to the FRA in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Premium kicker: <\/strong>The offer price represents a roughly 134% premium, by our math, to Delta\u2019s six-month average closing price of EGP 17.07, according to FRA filings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Delta\u2019s parent company Egypt Kuwait Holding (EKH), which owns 63.4% of the ins. firm, said its board has yet to decide whether to tender, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1638.pdf\" style=\"\" rel=\"noopener\">a separate filing to the EGX (pdf)<\/a>. The conglomerate is reviewing an independent fair value study and an auditor\u2019s report before making a recommendation in line with EGX listing rules. Wafa said it plans to delist Delta from the EGX and merge Delta Life with its own life arm within months of closing the proposed acquisition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Our friends at EFG Hermes are brokering the transaction<font face=\"Arial\">&nbsp;and are acting as EKH's financial advisor<\/font>, while Sharkawy &amp; Sarhan and A&amp;O Sherman Morocco are providing counsel. Attijari Conseil is also serving as a financial advisor, and Forvis Mazars is providing tax and financial advisory services out of both Morocco and Egypt.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Raya Holding\u2019s MTO for Raya CX goes live:<\/strong> Raya Holding launched its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1641.pdf\" style=\"\" rel=\"noopener\">MTO (pdf)<\/a> for Raya Customer Experience (Raya CX), after securing FRA approval, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1640.pdf\" style=\"\" rel=\"noopener\">an EGX filing (pdf)<\/a>. The offer, open through Sunday, 26 October, is priced at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba933842-372c-4ca4-92d5-4510091e7dd7\/cira-moves-closer-to-raising-its-stake-in-caed-%2B%253cmark%253e-raya%253c%2Fmark%253e-holding-submits-mto-to-increase-its-stake-in-rcx\" style=\"\" rel=\"noopener\">EGP 7.50 per share<\/a>, the top of the indicated price range, valuing the transaction at roughly EGP 330 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- Raya submitted the MTO to the FRA late last month.<\/strong> The firm is looking to increase its stake in the outsourcing arm to 90% from 60.8% in an offer valuing the company at around EGP 1.54 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Al Ahly Pharos is acting as broker on the transaction, while Zaki Hashem &amp; Partners is acting as the legal advisor. Zilla Capital is transaction advisor. <\/p>\n<p class=\"tag-border-left\">IN OTHER M&amp;A NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><br \/>\nMostakbal Misr raises stake in Mansoura Poultry:<\/strong> Mostakbal Misr Agency for Sustainable Development has raised its stake in EGX-listed Mansoura Poultry to 22.5% from 4.8% in a EGP 212.6 mn transaction, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1630.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>. Meanwhile, an individual investor exited his entire 8.6% stake for EGO 101.6 mn, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1626.pdf\" style=\"\" rel=\"noopener\">another filing (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Delta shareholders have until 27 October and Raya CX shareholders until 26 October to decide<\/p>\n","protected":false},"author":1,"featured_media":672683,"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":[72,181,7128,1070,614],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-672682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-insurance","tag-ma-watch","tag-raya-cx","tag-raya-holding","wpautop","entry"],"acf":{"mongo_id":"be348cc5-4537-409b-aa26-e9b91d1326cc","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1019.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FRA greenlights Wafa, Raya tender offers as bids go live on EGX","related_issue":[672669],"teaser":"Delta shareholders have until 27 October and Raya CX shareholders until 26 October to decide","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.f4586609-e62f-4c9c-8115-ae99d9d2a22a.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>FRA greenlights Wafa, Raya tender offers as bids go live on EGX - 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\/2025\/09\/29\/fra-greenlights-wafa-raya-tender-offers-as-bids-go-live-on-egx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA 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