The Clap Expedition Investments has submitted a non-binding purchase offer to acquire 90% of Domty.
The deets Domty announced in a statement that the company offered EGP 5/share.
Expedition Investments clarified that whether it would submit a final offer or not will be after conducting due diligence.
Domty’s stock price rose 14.2% to the news and closed at EGP 4.5.
Expedition Investments is a company incorporated under the laws of Mauritius and in partnership with investors.
Due diligence is the investigation & review of the data provided by a company to prove its validity. This includes reviewing the reports and numbers recorded by the company before the two parties enter into a joint transaction. Failure to prove the facts disclosed by the company may lead to the failure of the transaction and severe legal consequences.