Cairo –  Emaar Misr for Development, a subsidiary of UAE-based Emaar Properties, on Sunday denied negotiations with Madinet Nasr Housing and Development (MNHD) over an acquisition.

This came as a response to one of the newspapers that published Emaar Misr was planning to acquire MNHD, according to a statement to the Egyptian Exchange (EGX).

In a separate statement, MNHD also denied any talks with Emaar Misr regarding the same matter.

In January, MNHD’s board of directors suspended the merger and acquisition negotiations with Sixth of October for Development and Investment (SODIC) as both disagreed on the terms of the swap transaction.

In October 2018, SODIC announced that its mandatory tender offer to MNHD would be implemented through a stock swap deal. One share of SODIC would be exchanged for two shares of MNHD.

MNHD unveiled last April its board was considering a possible merger or acquisition with SODIC.

 

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