The Clap
Beltone’s stock surged 11.16% on the back of news that UAE investment firm “Chimera” had made a purchase offer of EGP 1.485/share.
The deets
Beltone asked the FRA to stop the due diligence being conducted by WM Consultancy, the company that made the previous offer.
You should know
WM Consultancy’s EGP 1.35/share offer was contingent upon the due diligence Beltone. Chimera’s offer, which is financially superior to WM’s, is not contingent on due diligence.
Why this matters
Chimera’s offer would total EGP 595.5 million, while WM Consultancy’s offer would total EGP 541 million.