EFG-Hermes says taking legal steps against Planet

Reuters, Monday 4 Jun 2012

Investment bank says offer by investment group is not serious and that it will try to prevent its media campaign

Egypt's EFG-Hermes said on Monday it was taking "legal measures" to protect shareholders after a group of investors offered to buy the company at a premium to the market price.

EFG has dismissed as not serious the offer by Planet IB, which includes Egyptian businessman Naguib Sawiris, former AlexBank Chairman Mahmoud Abdel Latif and a member of the ruling family of the Gulf emirate of Sharjah.
In an emailed statement, it said it was "taking the necessary legal steps to protect the rights of the company, its shareholders and its employees against a media campaign that Planet IB has launched," without saying what those legal steps were.
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