This follows Electra's reported purchases of Elsewedy Electric shares since early June, after receiving regulatory approval to proceed with their offer.
Elsewedy Electric shareholders tendered a total of 427.7 million shares, representing approximately 20% of the company, to Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding, according to an Egyptian Exchange filing.
This follows Electra's reported purchases of Elsewedy Electric shares since early June, after receiving regulatory approval to proceed with their offer.
The transaction value is estimated at around USD 449.1 million, with Electra paying $1.05 per share. This comes after Electra's offer to acquire a stake in Elsewedy Electric closed on Monday.
The percentage falls within the target range specified in Electra's initial offer submitted in May, which sought a 15% to 24.5% stake in Elsewedy Electric. The Elsewedy family remains the majority shareholder of Elsewedy Electric, owning over 76% of the company's shares.
