EFG-Hermes reject Planet IB offers

Cairo: EFG-Hermes Holding has an offer from IB world's largest publicly traded investment bank present in the Arabic language, a 23 percent premium over the closing price for a joint venture with Qatar Qinvest rejected. IB Planet, a company of investors, including Egyptian billionaire Naguib Sawiris has supported, 13.5 Egyptian pounds per share for the Cairo-based EFG-Hermes offered, Planet IB said in a statement via e-mail on Saturday. The EFG values ??at ￡ 6460000000 (Dh3.92 billion euros), according to Bloomberg calculations. The stock closed at 10.97 pounds in Cairo on 31st May you were down 9.9 percent at the opening Sunday in Cairo made as a trade that was before the shares were suspended after being dropped by the daily limit. The offer is not a requirement that the offer after the due diligence process and the lack of details on "means of financing for the offer and information about the investors who financed them," EFG-Hermes will be provided, said in an application for approval on Sunday. Shareholders rather than to give a deal Qinvest, a unit of Qatar Islamic Bank, 60 percent approved of the joint venture, he said. The transaction still requires regulatory approval. "I will not hesitate to Egypt first hostile takeover," Planet IB CEO Ahmad Al Hussainy said in a statement on Saturday on Bloomberg. "I Egypt, the first issue of corporate bonds, Egypt's first leveraged buy-back, an operation in Egypt's first securitization." Planet said he informed the Board of EFG-Hermes, the conditions of its offer before the meeting on the merger Qinvest. Due Diligence: IB said planetary 31st May he received $ 650 million of debt and equity "substantial commitments" domestic investors, regional and international, including a member of the ruling family of Sharjah. Al Hussainy, former managing director at Cairo-based private equity firm Citadel Capital SAE, the manager offer struck EFG-Hermes said his firm to conduct due diligence. "If EFG-Hermes is seriously entertaining an offer from IB world, it must immediately suspend implementation of the replacement operation," said Planet IB in a statement Saturday. Qinvest will be ruled out investing $ 250 million in the company, the business of EFG-Hermes Private Equity and its participation in Lebanese commercial bank Credit Libanais, the two companies said last month. The units transferred to the joint venture with Qinvest was estimated at 700.5 million pounds from the accounting firm Grant Thornton, EFG-Hermes said on 30 May Saturday the vote came after officers EFG-Hermes co-chief executive on trial in Egypt 30th May with the illegal profits from the sale in 2007 of El Watany Bank of Egypt were made known. EFG-Hermes, the fees which denied to the lack of disclosure of trade oriented and seven others involved, including Jamal and Alaa Mubarak, the son of former President Hosni Mubarak. Before Sunday EFG-Hermes shares had risen 9.6 percent this year compared with 29 percent gain for the benchmark EGX 30 index.