Archer Daniels Midland (ADM) prepares to file another bid to acquire 100% of the National Company for Maize Products (NCMP), after the Financial Regulatory Authority (FRA) refused its offer, a senior company official told Daily News Egypt.
“The company awaits the FRA’s decision regarding our petition. We have got promises from senior governmental officials to solve the problem,” the source, who spoke on condition of anonymity, added.
This comes a few days after Cairo Three A submitted a higher offer of EGP 51 per share for the acquisition of 100% of the NCMP.
The FRA rejected last week ADM’s bid of EGP 50 per share, which in turn had come to counter Cairo Three A’s initial offer of EGP 45 per share.
The FRA had also turned down ADM’s first offer of EGP 35.56 per share, to the surprise of company executives, who said the acquisition was discussed with Investment Minister Sahar Nasr and was meant to mark the launch of ADM’s expansion plans in Egypt.
ADM has asked its legal consultant to petition the FRA to understand more about why their bid for NCMP was rejected, according to Salah Tawfik, CEO of ADM subsidiary Medsofts.
The FRA has refused previously rejected the bid presented by ADM International Sàrl to acquire the NCMP, the Egyptian Exchange (EGX) said in a presser last week.