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Update: BINV & OFH drama nears end

The Clap
B Investments (BINV) announced finalizing plans to acquire 30% of Orascom Financial Holding (OFH) shares, denying rumors that the acquisition is off.

Some Context
In June 2023, BINV announced plans to grab a 51-90% stake in OFH through a share swap. The offer presented a premium of nearly 50%, leading to significant spikes in both BINV and OFH stocks.

Fast forward to September, BINV requested an extension for acquisition papers, which was approved by the Financial Regulatory Authority (FRA).

Now What
According to the company, legal formalities are being meticulously coordinated with the Financial Regulatory Authority (FRA) so that the final acquisition offer is submitted as soon as possible.