The board of Egyptian Financial Group Hermes Holding (EFG Hermes) has appointed a financial advisor and legal counsel for First Abu Dhabi Bank’s (FAB) non-binding initial offer to acquire a majority stake in the company.
EFG Hermes has selected Goldman Sachs International as financial advisor and White & Case as legal counsel to advise the board on the offer, according to a bourse filing.
The board has agreed on allowing the bank to conduct due diligence on the company as agreed between the two parties.
Meanwhile, EFG Hermes will appoint an independent financial advisor to prepare a report on the company’s valuation upon receiving a mandatory tender offer from FAB.
It is noteworthy to mention that in early February 2022, FAB submitted a non-binding initial offer to EFG to acquire at least 51% of the company’s issued capital at an estimated price of EGP 19 per share.
