Cleopatra Hospitals Group (CLHO) received an optional purchase offer from CI Capital (CICH) subsidiary MCI Capital Healthcare Partners to acquire a 26.21% stake in the group.
Optional Purchase Offer vs. Mandatory Tender Offer In Egypt, a mandatory tender offer (MTO) is triggered when an offer looks to acquire more than or equal to 33% of a company. MCI Capital’s offer is less than 33% of CLHO’s capital, making it an optional purchase offer.
More details🧐 MCI Capital offered to acquire a 26.21% stake in CLHO at a price of EGP 5/share. Care Healthcare, which owns 37.87% of the group making it CLHO’s biggest shareholder, agreed with MCI Capital to sell a minimum of 7.87% of CLHO’s shares, & up to 12% of CLHO’s shares.
Why is this important🤔 Although the offer is still pending approval from the FRA, CLHO’s stock price closed 4.68% in the green yesterday at EGP 4.70/share following the news.