Competition enters the race for ownership rights to Hostess in Egypt
Egypt’s Capital Market Authority (CMA) has approved an offer submitted from Edita for Food Industries to acquire 1,363 million shares in the International Foods Company (IFC), a 100 percent ownership offer, with a minimum of 90 percent. The offer price is 22 Egyptian pounds ($3.8) per share.
Last week, Egypt’s Rational International Enterprises placed bid to acquire 100 percent, with a minimum of 75 percent of IFC, the exclusive Hostess products distributor in the country. The company offered to purchase shares for 21 Egyptian pounds ($3.6) per unit, reported CASE.
Hostess is an American producer of well-known brand named goods, such DingDongs, Twinkies and Cup Cakes. IFC has a network of 1,680 wholesale clients and 4,300 retail clients throughout Egypt. Further penetration of the Delta, the canal area, and Upper Egypt is planned. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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