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EFG Hermes Holding SAE Taking Legal Action to Protect Firm and Shareholders
EFG Hermes Holding SAE announced that it will take all necessary legal action to protect the Company, its employees and its shareholders against the aggressive media campaign launched by Planet IB Ltd, following what they called a tender offer to acquire 100% of EFG Hermes listed shares. EFG Hermes Holding has received two letters from Planet IB Ltd. indicating their intension to acquire 100% of EFG Hermes Holding listed shares for a minimum price of EGP13.5 per share conditional upon the completion of legal, financial and technical due diligence during a period of 60 days. Both letters received from Planet IB did not provide proof of funds nor included information about the investors or their commitment to the offer. Both letters were discussed during EFG Hermes Holding Extraordinary General Meeting that was held on June 2, 2012 and yet shareholders have voted in favour of the strategic alliance with QInvest. The strategic alliance with QInvest includes the transfer of ownership of some subsidiaries currently owned by EFG Hermes Holding to the joint venture company, EFG Hermes Qatar. Revenues generated from these subsidiaries contributed an average of c20% to the total EFG Hermes Holding revenues in 2010 and 2011. The JV with QInvest comes in contrast with Planet IB Ltd. offer which involves a bid on 100% of EFG Hermes Holding listed shares.
Latest Developments for Egyptian Financial Group Hermes Holding Co SAE
- Egyptian Financial Group Hermes Holding Co SAE and Qatar Islamic Bank SAQ Subsidiary QInvest LLC Confirm Expiration of Joint Venture Agreement
- EFG Hermes Holding SAE Approves Strategic Alliance With Qatar Islamic Bank SAQ Subsidiary; To Divest Several Subsidiaries; To Change Name
- Planet IB Limited Interested to Place Tender Offer to Acquire 100% of EFG Hermes Holding SAE
- EFG Hermes Holding SAE Enters into Definitive Strategic Partnership Agreement with QInvest to Create Investment Banking Unit
Latest Key Developments in Banks
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