Sixth of October for Development and Investment Company "SODIC" (S.A.E.) (CASE:OCDI) made an offer to acquire Madinet Nasr for Housing & Development S.A.E (CASE:MNHD) from BPE Partners, Big Investment Group Ltd, the Egyptian government and others for EGP 11.4 billion on October 14, 2018. Under the terms, the swap ratio is preliminarily of 2 shares of Madinet Nasr for 1 share of SODIC. Madinet Nasr will remain listed on the Egyptian Exchange. The deal is subject to completion of due diligence, the independent financial advisor to conduct a fair value report and SODIC acquires a percentage not less than 51% of Madinet Nasr's shares. EFG Hermes acted as financial advisor and Zaki Hashem & Partners acted as legal advisor to Madinet Nasr. CI Capital acted as financial advisor and MHR & Partners (White & Case) acted as legal advisor to SODIC.

Sixth of October for Development and Investment Company "SODIC" (S.A.E.) (CASE:OCDI) cancelled the acquisition of Madinet Nasr for Housing & Development S.A.E. (CASE:MNHD) from BPE Partners, Big Investment Group Ltd, the Egyptian government and others on January 23, 2019. SODIC announced that it no longer intends to launch a tender offer on MNHD and has terminated its talks with respect to the potential acquisition having not reached an agreement on the terms of the deal including, among other things, the proposed swap ratio.