June 28, 2014 / 7:07 AM / 3 years ago

Egypt's EFG-Hermes says fair price 30 pct more than Beltone-New Egypt bid

CAIRO, June 28 (Reuters) - EFG-Hermes, a leading Middle East investment bank, said on Saturday an independent adviser had set its fair share price at 22.93 Egyptian pounds ($3.21), 30 percent higher than a joint bid by Beltone Capital and New Egypt Investment Fund.

EFG-Hermes appointed Cairo-based HC Securities & Investment this month to evaluate the fair value of its shares and help shareholders decide whether to accept an offer to acquire a 20 percent stake in the bank at 16 pounds per share.

“We see that the price offered... is less than the fair value of the share,” it said in a statement. (Reporting by Ehab Farouk; editing by Jason Neely)

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