UAE consortium led by Aldar Properties have no intentions of increasing their MTO offer from EGP 20/share if shareholders reject the MTO, according to Al Shorouk.
More details🧐 SODIC shareholders must accept or reject the offer by December 7th. EFG Hermes will reportedly sell its stake in the real estate developer, with the decision coming in light of current market & sector situations. SODIC’s share price hit a 52-week high on Thursday to reach EGP 19.50/share, before closing EGP 19.38/share at yesterday’s session close.
Why is this important🤔 The consortium had already increased its offer from EGP 18-19 to EGP 20, valuing SODIC at EGP 7.1 billion.