Egyptian investment bank deems undisclosed offer unsuitable without providing further details
Prime Holding, an Egyptian investment bank, announced on Thursday that it has rejected an offer to acquire its subsidiary, Prime Securities Brokerage, and Custody. The company, in a filing to the bourse, did not disclose the identity of the offering company or provide specific reasons for the rejection, except stating that the board deemed the offer unsuitable.
Prime Holding did not provide any additional information regarding the offer or the factors considered by the board in making the decision. The decision to decline the takeover offer indicates that Prime Holding’s management believes it is not in the best interest of the company or its subsidiary.
The investment bank and its subsidiary, Prime Securities Brokerage, and Custody, continue to operate independently, and Prime Holding will likely explore alternative strategies to enhance its business and maximize shareholder value.
