Hena Holdings, owned by Hend El Sherbini, CEO of Egypt-based Integrated Diagnostics Holdings, has launched a mandatory cash offer to minority shareholders of the LSE-listed diagnostics firm after increasing its stake earlier today.

BVI-based Hena Holdings, owned by El Sherbini and her mother, Dr Moamena Kamel, is offering $0.50 per share for the remaining shares. The offer is about 11% below the last closing price and values the company at around $290.7 million.

IDH is listed in London but mainly operates in Egypt, where it runs major lab chains Al Mokhtabar and Al Borg, and has operations in Saudi Arabia and other markets.
The offer was triggered after Hena bought a 21.67% stake today, raising its total holding to 49.6%. The UK rules require it to make an offer to all shareholders after crossing control thresholds.

Hena said IDH will likely stay listed unless its stake rises above 75%, in which case it may delist the company. At 90%, it can force a full buyout. If all shareholders accept, Hena would need up to $146.4 million, funded by loans and additional equity from the founders.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com