EFG Hermes Holding S.A.E. (or the “Company”) announces that it has received today a non-binding offer from First Abu Dhabi Bank (FAB), UAE’s leading and largest bank, for a potential cash acquisition of a majority stake, of not less than 51% of the issued shares of the Company at an indicative purchase price of EGP19 ($1.21) per share.
The completion of the transaction and the final purchase price is conditional upon the completion of a satisfactory comprehensive due diligence on the Company, and the receipt of the required regulatory approvals; upon which a mandatory tender offer will be made to all shareholders of the Company, in accordance with Law 95 of 1992 and its executive regulations.
The offer stresses the outstanding reputation of EFG Hermes in regional and international markets and recognizes its strong management team, high standards of corporate governance, and strong brand equity. The offer also views the employees of the Company as a vital component of the organization’s ability to compete and succeed.
The offer has been shared with the Board of Directors and will be discussed as soon as practical. Disclosures will be made in due course, and it is advisable that minority shareholders exercise due care and caution.