{"id":94273,"date":"2024-07-29T00:00:00","date_gmt":"2024-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/gulf-capital-has-19-working-days-to-respond-to-mena-glass-mto\/"},"modified":"2024-07-29T00:00:00","modified_gmt":"2024-07-29T00:00:00","slug":"gulf-capital-has-19-working-days-to-respond-to-mena-glass-mto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/29\/gulf-capital-has-19-working-days-to-respond-to-mena-glass-mto\/","title":{"rendered":"Gulf Capital has 19 working days to respond to MENA Glass\u2019 MTO"},"content":{"rendered":"

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 EGX bulletin (pdf)<\/a>. UAE-based private equity firm Gulf Capital \u2014 which holds a 36.9% stake through a special purpose vehicle \u2014 is among the sellers. <\/p>\n

ICYMI:<\/strong> MENA Glass Holding submitted a <\/span>mandatory tender offer<\/a> 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 stake makes it the second-largest shareholder. IGC Holdings owns 6.3%.<\/span><\/p>\n

It is looking unlikely that MENA Glass will get the entire 40.8% it\u2019s eyeing<\/strong>, after IGC rejected the offer. <\/p>\n

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

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

Advisors:<\/strong> EFG Hermes will broker the acquisition, while Bahaa Eldin Law Office and MENA Associates will act 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 will be their sell-side advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

MENA Glass could pay up to USD 57.8 mn in FX<\/p>\n","protected":false},"author":1,"featured_media":94274,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2392],"tags":[60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"eac4b6ce-6a17-4ced-8888-48634c71ea74","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":"Gulf Capital has 19 working days to respond to MENA Glass\u2019 MTO","related_issue":[94266],"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\/.4b959ea6-c78d-4145-81b1-ef6a7c952d2b.mp3"},"yoast_head":"\nGulf Capital has 19 working days to respond to MENA Glass\u2019 MTO - 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