CI Capital has rejected an offer by Banque Misr to acquire a 90 percent stake in the company. The offer was to acquire up to 652,800 shares for EGP 4.7 apiece valuing it at some 4.7 billion Egyptian pounds. Yet, The companI's board of directors said that the offer was too far below the valuation reached by its financial advisor Baker-Tilly Wahid Abdel Ghaffar & Co, according to a bourse disclosure. The study conducted by Baker Tilly Wahid Abdel Ghaffar & Co showed that the stock's FV is estimated at EGP 5.73. Banque Misr currently owns a 24.7 percent stake in the financial services firm and now wants to purchase an additional 653 mn shares, giving it 90 percent ownership. CI is asking that the bank raise its offer price by 19% to EGP 5.60 if it wants to acquire a 90 percent stake. However, In February, Banque Misr said that it would not amend its offer to acquire CI Capital.