Planet IB is preparing to immediately begin due diligence on an offer to acquire 100% of EFG Hermes Holding SAE (HRHO.CA) on terms identical to those granted to an offshore competitor Planet IB Ltd. issued today statement which says that the company stands ready to immediately begin due diligence in advance of an intended tender offer for 100% of EFG Hermes Holding. The statement also added that it has disclosed having in place debt and holding equity commitments from leading Egyptian and regional investors whose long-standing commitment to investing in Egypt is proven. Planet IB informed the Chairperson of EFG Hermes' Board of Directors on May 2, 2012, that it intends to make a purchase offer, and subsequently met face-to-face with the Chairperson on May 14, 2012, to continue discussions and agreed Planet IB would send a letter of intent by May 30, 2012. This letter was sent. Accordingly, Planet IB's offer cannot be said to have come by surprise. The company's statement said if EFG Hermes' management was seeking proof of Planet IB's financial strength, this request should have been made in a formal manner, be it written notification or by public statement. Planet IB intends match the financial and legal guarantees and undertakings made by its competitor so that Planet IB may undertake due diligence. Moreover, Planet IB further calls for an immediate opportunity to submit its offer, which it believes safeguards shareholder interests. To do so, Planet IB requires approval to carry out the necessary due diligence within the legal timeframe. Planet IB further requires that EFG Hermes Holding postpone conclusion of the sale of the firm's core assets under what the company has called a ‘strategic alliance.' Finally, the statement mentioned that if it is the case that the competing offer included a five-year indemnity fund, that will not apply in the case of a full buy-out. Planet IB Limited is a firm seeking control of EFG Hermes, the leading investment bank in the Arab world. The firm is led by professionals in the MENA finance industry with proven track records in the creation of shareholder value in the investment banking, securities brokerage, commercial banking, risk management and commercial law industries. Press Release
