Six of October Development and Investment (SODIC) has hired EFG Hermes along with an international investment bank as financial advisors to study the preliminary acquisition offer submitted by an alliance led by Aldar Properties.
The board of directors of has approved hiring both advisors on its meeting.
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The financial advisors will negotiate the offer and help the company find other strategic opportunities, SODIC said.
The alliance submitted an offer on 13 March to acquire a minimum of 51 percent of SODIC’s issued capital at an indicative purchase price ranging from 18 Egyptian pounds to 19 pounds per share.
