CRH misses bid deadline for Misr Beni Sueif Cement tender
The Cairo and Alexandria Stock Exchange has received a letter from the Misr Beni Sueif Cement Company (MBSC) stating that the negotiations with Ireland’s CRH to acquire a stake in the company have ended as the deadline for submitting its bid expired at the end of April.
It is worth noting that CRH amended its proposed acquisition of the company to a stake of 34 percent in February 2003. However, due to the improvement of the market conditions and the increase in cement prices in the local market to 180 Egyptian pounds ($30.3) per ton, the company asked for amendments in CRH’s submitted offer which included the acquisition of 100 percent of the company at EP 20 per share in addition to the repayment of EP 150 million of its long term loan.
However the deadline for submitting the amended bid expired without response from CRH which is considered an end of negotiation. Trading was halted on the stock after the announcement for a few minutes. The stock hit its floor when trading was resumed; however, near the end of the session, talk that there are other strategic investors interested in the company helped the stock regain some lost ground. — (menareport.com)
© 2003 Mena Report (www.menareport.com)