Cairo Three A for International Industries S.A.E. made a binding offer to acquire The Egyptian Starch and Glucose Company (CASE:ESGI) from Egyptian International Tourism Projects Company (CASE:EITP), Cairo Poultry Company S.A.E. (CASE:POUL) and Kuwait Food Company (Americana) K.S.C.P. and others for approximately EGP 510 million on January 30, 2020. The Offer is priced at a price ranging from EGP 450 million to EGP 510 million implying a price per share of ranging from EGP 8.986 to EGP 10.184. The determination of the final price within the Range is subject to a confirmatory due diligence exercise which the Cairo Three A for International Industries S.A.E. will conclude on or before April 9, 2020. As of April 8, 2020, Cairo Three A revised the offer per share price to EGP 8.54 per share. As of April 12, 2020, Cairo Poultry shareholders approve final offer price of EGP 8.54 per share. Egyptian International Tourism Projects Company (CASE:EITP), Cairo Poultry Company S.A.E. (CASE:POUL) and Kuwait Food Company (Americana) K.S.C.P. will pay a termination fee of EGP 22.5 million in case they do not tender the shares in response to a competing offer.

The deal is subject to approval of the The Egyptian Financial Regulatory Authority. The board of directors of the Egyptian Company for International Touristic Projects (Americana Egypt) and the Board of Cairo Poultry approved the Cairo Three A's offer. The deal is approved by Board of Cairo Three A for International Industries S.A.E. According to the Offer, the Cairo Three A for International Industries S.A.E is suggesting the filling of a mandatory tender offer application on or before April 12, 2020. As of April 26, 2020, The Egyptian Financial Regulatory Authority approved the tender offer. The Offer contains an exclusivity period that lapses upon the consummation of the transfer of shares under the mandatory tender offer. As of March 10, 2020, Kuwait Food Company (Americana) K.S.C.P. has called for a general assembly meeting to review the offer submitted by Cairo Three A for International Industries. As of May 5, 2020, the shareholders of Cairo Poultry have approved the acquisition. Americana owns 11.636 million shares in The Egyptian Starch and Glucose Company. The tender offer is expected to commence from April 26, 2020 till May 7, 2020.