CAIRO — Egyptian property company Madinet Nasr for Housing and Development has rebuffed a takeover bid by rival SODIC, saying on Sunday the offer did not represent the company’s true value and calling on SODIC to reconsider it.
MNHD’s board said it was prepared to restart work to conclude a deal if SODIC put forward an offer matching its fair value.
SODIC shares were down about 2.3% on Sunday on Egypt’s stock exchange, while MNHD was up 1.2%.
Property developer SODIC said earlier this month that it had submitted an offer to buy up to 100% of MNHD’s share capital at a price which valued MNHD at 6.18 billion Egyptian pounds ($328 million).
Abu Dhabi’s Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the MNHD offer came as Egypt has sought to attract billions of dollars in investment from the Gulf.
(Reporting by Aidan Lewis. Editing by Jane Merriman)