Bahrain's Arab Banking Corporation (Bank ABC) announced on Sunday it had submitted a mandatory tender offer (MTO) approval request to Egypt's market regulator to acquire 100 percent of the issued capital of Blom Bank Egypt. The bank confirmed in a bourse filling that it received an approval from the Egyptian Financial Regulatory Authority (FRA) on 18 July. It has also received all other relevant regulatory approvals required to complete the acquisition of Blom Bank Egypt. The offer validity period commences as of 25 July through 5 August, ABC said. "Completion of the acquisition will take place after the MTO validity period has expired and a number of other pre-closing actions have taken place, and a further announcement will be made at that time." ABC's bourse filling read. "Blom Bank Egypt will contribute to upscale Bank ABC's Egyptian footprint, which is fully aligned with Bank ABC's strategy 'to be MENA's leading international bank," Egypt's stock Exchange (EGX) revealed on Monday the details of ABC Bank's offer to acquire Blom Bank Egypt for 22.33 Egyptian pounds ($1.42) per share, which will be paid in the US dollar. HSBC Bank is the sole financial advisor to Bank ABC, with Freshfields Bruckhaus Deringer and Zulficar & Partners acting as legal advisors. Blom Bank Lebanon was advised by CI Capital, while Baker McKenzie acted as legal adviser.
