Investors make new offer to buy EFG-Hermes
Cairo, June 2, 2012
A group of investors called Planet IB that has launched a bid to buy out EFG-Hermes said on Saturday it intended to offer 13.50 Egyptian pounds ($2.23) per share for the Egyptian investment bank.
Shares in the bank closed at 10.99 pounds on Thursday, the last day of Egypt's trading week.
'If EFG-Hermes is serious about entertaining a tender offer from Planet IB, it must immediately postpone the execution of the alternative transaction,' it said in a statement, referring to a plan to form a joint venture with Qatar's QInvest.-Reuters