An Egyptian court will rule on Orascom’s request to overturn an approval of France Telecom’s bid for ECMS this Wednesday.
On December 11, the Egyptian Financial Supervisory Authority (EFSA) approved FT’s third and sweetened bid to buy Orascom’s 20% stake…
An Egyptian court will rule on Orascom’s request to overturn an approval of France Telecom’s bid for ECMS this Wednesday.
On December 11, the Egyptian Financial Supervisory Authority (EFSA) approved FT’s third and sweetened bid to buy Orascom’s 20% stake in ECMS for E£245 per share.
However, Orascom claims the offer undervalues ECMS and has asked the Administrative Court to overturn the approval.
Its position could be strengthened by last week’s report by Prime Capital, an Egyptian investment bank, which said ECMS was worth between E£283 (U$52) and E£337 (US$62) per share.
