Orascom DH to be taken over in its entirety by the Sawiris family
Published: Tuesday, Dec 17th 2024, 20:10
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The real estate developer and hotel operator Orascom DH (ODH) is to disappear from the Swiss stock exchange according to the plans of its main shareholder. The Sawiris family is launching a public takeover bid.
LPSO Holding, owned by the Egyptian family of Samih Sawiris, is offering 5.60 Swiss francs in cash for all outstanding shares in a voluntary public tender offer, the company announced on Monday evening. The offer would correspond to a premium of 40 percent on the closing price of CHF 4 on the Swiss stock exchange SIX on Tuesday evening.
The Sawiris family already owns almost 78 percent of the company, the press release continues. Following the completion of the offer, it is planned to propose to the ODH general meeting that the shares be delisted from the Swiss stock exchange.
Meanwhile, the ODH Board of Directors is refraining from issuing a recommendation to accept or reject the offer. However, it refers to a commissioned "fairness opinion", according to which the value of the shares lies in a range of CHF 3.76 to CHF 5.26.
According to the timetable, the offer period will run from January 9 to February 5, 2025. The offer is expected to be completed on March 11, 2025.
Orascom DH went public on the Swiss stock exchange in 2008 at a price of CHF 152 per share. The company is best known in Switzerland for the "Andermatt Swiss Alps" project in the canton of Uri. Today, the majority of "Andermatt Swiss Alps" is privately owned by Samih Sawiris, while Orascom DH still owns 49 percent.
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