ADCB receives amended binding offer from TAT for stake in Alexandria Medical Services

Mubasher: Abu Dhabi Commercial Bank (ADCB) has received an amended binding offer from TAT for Medical Services, a subsidiary of Alexandria Healthcare Investments, to acquire the bank's 51.54% stake in Alexandria Medical Services - Alexandria New Medical Center.

In the amended version, TAT will buy the bank's stake through a mandatory tender offer (MTO) for all of Alexandria Medical Services’ shares at a total value of EGP 700 million, according to a bourse filing on Tuesday.

Hence, the price per share in the amended offer is EGP 49.04, which should be decreased in case the issued capital increase of the bonus shares has been executed before the mandatory tender offer (MTO) is completed.

The amended offer is subject to obtaining the required regulatory approvals for the MTO, including approval of the Ministry of Health and Population and the Financial Regulatory Authority (FRA).

It is noteworthy to mention that on 31 May 2021, ADCB has received a binding offer from TAT to own its shares through the MTO for up to 100% of Alexandria Medical Services' shares at a total value of EGP 650 million or EGP 45.53 per share.

Mubasher Contribution Time: 08-Jun-2021 08:58 (GMT)
Mubasher Last Update Time: 08-Jun-2021 08:58 (GMT)