Shares in Egypt's Madinet Nasr for Housing and Development MNHD.CA surge 8.7 pct to 7.77 Egyptian pounds, and have gained 19.5 pct in past two days; Sixth of October Development and Investment (SODIC) OCDI.CA falls nearly 10 pct to 18.17 pounds, after rising 6.1 pct on Sunday
** SODIC on Sunday said it aimed to take over Madinet by exchanging one of its shares for two Madinet shares in direct swap; offer conditional on SODIC buying at least 51 pct of Madinet
** Arqaam Capital says swap more favourable to Madinet than expected; suggests buying Madinet into deal and removes SODIC from its list of core buys
** Estimates fair value for SODIC at 28.5 pounds versus 30 stand-alone, and for Madinet at 14.2 pounds versus 13.6 stand-alone
** Egypt stock index .EGX30 falls 0.4 pct
(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Andrew Torchia) ((abinaya.vijayaraghavan@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 2733; Reuters Messaging: abinaya.vijayaraghavan.thomsonreuters.com@reuters.net))
