EFG Hermes’ (HRHO) stock price soared as much as 16% & closed 9.28% up in yesterday’s trading session, after receiving a non-binding offer from First Abu Dhabi Bank (FAB).
More Details🧐 FAB offered to acquire a minimum of 51% of HRHO’s capital.
FAB’s initial offer stands at EGP 19/share, & is subject to change following due diligence, which will begin as soon as possible.
Why this Matters🤔 HRHO is currently studying the offer & will disclose any developments as soon as they occur.
HRHO also advised smaller investors to trade cautiously, as developments in the deal are subject to due diligence as well as obtaining necessary regulatory & administrative approvals.
