Cairo - Mubasher: Orascom Construction Industries (OCI) said its board of directors has approved the obligatory tender offer submitted by OCI N.V to buy up to 329,601 shares of OCI.
The board decision is based on the study prepared by the independent financial advisor HLB for Financial Consulting Co., where it set OCI's fair value at EGP 235.04 per share.
The offer price was set earlier at EGP 255 per share, higher 8.49% than the average price targeted by the independent financial advisor.
Meanwhile, the study stated that the stocks swap proposal at (two OCI stocks for every two OCINV stocks) in addition to one stock from Orascom Construction Limited (stocks owned by OCINV Company), is fair one.
