Egypt's Prime Makes Takeover Bid For Glass Firm

Egypt's Prime Industrial Holding made a formal bid for all 15 million shares in National Company for Glass and Crystal GLAS.

CA on Wednesday, at 14.50 Egyptian pounds ($2.72) a share, or a total of 217.5 million pounds.

Prime Industrial would also pay off 150 million pounds of debt the glass company owes to National Bank for Development (NBD) DEVE.CA, it said in a statement.

National Bank for Development, which owns 88.3 percent of the glass company, has already agreed to sell its shares to Prime Industrial at the same price of 14.50 pounds, it said.

Including the debt, the bid price is equivalent to 24.5 pounds a share. The shares closed on Tuesday at 16.78 pounds and were trading on Wednesday between 15.75 and 17.50 pounds.

Prime's bid is valid until Sept. 10.

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