Cairo – Mubasher: Madinet Nasr Housing and Development’s (MNHD) board of directors has decided to suspend the merger and acquisition negotiations with Sixth of October for Development and Investment (SODIC).
The two companies have disagreed on the terms of the swap transaction, MNHD said in a statement to the Egyptian Exchange (EGX) on Wednesday.
In October, SODIC announced that its mandatory tender offer to MNHD would be implemented through a stock swap deal. One share of SODIC would be exchanged for two shares of MNHD.
In April, MNHD unveiled its board was considering a possible merger or acquisition with SODIC.
