Thndr Claps » EGY Claps » Financial Services 💸 » FAB pulls its acquisition bid for Hermes ⛔
The ClapFirst Abu Dhabi Bank withdrew its non-binding offer to acquire a majority stake in EFG Hermes (HRHO).
The DeetsThe bank highlighted that the withdrawal decision is attributed to the ongoing global uncertainty and market volatility.
The FRA decided to hold trading of EFG’s stock on the EGX. Trading resumed after a statement was issued regarding the withdrawal.
HRHO’s price declined by 20%, & closed at EGP 15.46.
BackstoryEarlier this year, First Abu Dhabi Bank presented EFG Hermes with a non-binding offer to acquire a majority stake in the company, at an initial share price of EGP 19/share.
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