23rd Jun 2026 16:49
(Alliance News) - Integrated Diagnostics Holdings PLC on Tuesday confirmed it has received a USD290.7 million takeover bid from investor Hena Holdings Ltd.
At 50 cents a share, the offer represents a discount of about 11% to IDH's closing price of 56.3 cents on Monday.
IDH shares fell 12% to 50 cents on Tuesday morning in London. The stock is up 42% over the past year.
Hena is a British Virgin Islands-registered vehicle privately owned by IDH's Chief Executive Hend El Sherbini, and her mother Moamena Abdul Wahab Kamel. It does not hold shares in any company other than IDH. Hena's holding in IDH stood at 49.62% as of Tuesday, triggering a mandatory takeover bid.
Hena had owned 27.94% of IDH as of Monday, but acquired an additional 21.67% on Tuesday from Actis IDH Ltd, which is controlled by funds managed by Elliott Investment Management LP, at a price of 50 cents per share.
That transaction, alongside the takeover bid, is being funded by a USD60 million loan to Hena and equity subscriptions by El Sherbini and her mother in the region of USD43 million to USD150 million.
The offer price is final and will not be increased, Hena noted. It may be reduced by the amount of any dividend or other distribution declared by IDH. Hena does not foresee any changes to IDH's business as a result of the acquisition.
IDH said its independent directors, not including Hend El Sherbini and Sherif El Zeiny due to their connection with Hena, will "give due and careful consideration" to the terms of the mandatory offer.
The board said it will also obtain independent advise from its financial adviser, which it will make available to shareholders.
IDH advised investors to take no action on the mandatory offer at this time.
IDH is a diagnostic services provider with operations in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia. In 2025, its pretax profit surged 47% to EGP2.12 billion, around GBP30.2 million, from EGP1.44 billion in 2024. Revenue rose 37% to EGP7.89 billion from EGP5.72 billion.
By Holly Munks, Alliance News reporter; updated by Michael Hennessey, Alliance News reporter
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