Zurich (awp) – Majority shareholder of Orascom Development Holding, LPSO Holding launched on Tuesday a public purchase offer (OPA) for all the shares of the Urano-Egyptian real estate and hotel specialist. Based in the Cayman Islands, LPSO represents the main holding company of the family of Egyptian businessman Samih Sawiris.
LPSO Holding, which is acting in the offer with other members of the Sawiris family, currently holds 77.5% of ODH’s shares and is offering shareholders controlling the free float 5.60 Swiss francs per share, the company said. group established in Altdorf. The price offered corresponds to a premium of 40.7% over the volume-weighted average price over the last 60 trading days and 38.3% over Monday’s closing price. Today the stock closed down 1.2% at 4.00 Swiss francs.
The offer period runs from January 9 to February 5, with an additional acceptance period scheduled from February 12 to 25. After settlement of the offer, expected on March 11, LPSO intends to propose at a general meeting the withdrawal of the listing of ODH securities from the Swiss Stock Exchange SIX Swiss Exchange.
In its report to shareholders, the board of directors refrains from any recommendation regarding the offer. The supervisory body, however, mentions obtaining a certificate confirming the fairness and adequacy of the offer price from a financial point of view. According to this latest report, the price offered for each security exceeds the upper limit of the value range of 3.76 to 5.26 Swiss francs determined by the so-called fairness opinion.
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