Cimpor has dropped its takeover bid for Egyptian cement company MISR Cement Co SAE.
In a filing with stock market regulator CMVM, Cimpor said that the bid resulted in a lower number of shares than the minimum settled as a condition for its success.
It gave no further details.
Cimpor was offering to buy all the 30 mln shares which make up MISR’s share capital, conditional on receiving acceptances from holders of 15 mln shares plus one of MISR.
Cimpor had increased its bid for the Egyptian cement maker to 80 Egyptian pounds (11.2 eur) per share from 67 Egyptian pounds (9.03 eur) to beat a 10.51 eur per share counterbid from Arab Swiss Engineering Company.