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Thndr Claps » EGY Claps » Mergers & Acquisitions 🤝 » Sources: Madinet Nasr says NO to SODIC 🚨

Sources: Madinet Nasr says NO to SODIC 🚨

by Omar El Shorafa
August 16, 2022

The Clap
According to sources, Madinet Nasr’s (MNHD) general assembly decided to not allow SODIC, a subsidiary of Al Dar, to perform their due diligence in preparation for a potential acquisition.

Background
In June 2022, SODIC offered to acquire 100% of MNHD for a price per share between EGP 3.2 – EGP 3.4

The Deets
Madinet Nasr rejected SODIC’s offering price for the company, saying that the price does not reflect the true value of MNHD or its assets. They left the decision to the general assembly, who rejected SODIC’s offer.

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