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The chief executive of Integrated Diagnostics Holdings has joined forces with a co-investor to launch a mandatory takeover offer valuing Egypt's largest diagnostics company at approximately $291 million, in a move that would delist the London-listed healthcare group and concentrate ownership firmly in the hands of its own management.
Hend El Sherbini, IDH's chief executive officer, and Moamena Abdul Wahab Kamel proposed on Monday to acquire a 50.38% stake in Integrated Diagnostics Holdings, known as IDH, for approximately $150 million in cash, according to a regulatory filing. The offer price is fixed at $0.50 per share, a discount of approximately 11.2% to IDH's closing price of $0.563 on June 22, 2026. The offer values the company's entire issued and to be issued share capital at $290.7 million.
El Sherbini is not an outside acquirer making a move on a company she runs at arm's length. She already owns approximately 28% of IDH, a stake of 162,771,356 shares valued at approximately $97 million at the offer price, making her one of the company's most significant shareholders and comfortably among Egypt's wealthiest women in the healthcare sector. The bid, structured through a vehicle called Hena Holdings, is an extension of ownership she has been building for years, now pushed to its logical conclusion with a full privatisation play.
The transaction is structured as a mandatory cash offer, triggered by the bidders crossing a shareholding threshold that required them under UK takeover rules to make a formal offer to all remaining shareholders. The offer price is final. Neither El Sherbini, Kamel, nor any person acting in concert with them will increase the price or acquire IDH shares above $0.50, the filing states.
In a related and simultaneous transaction, El Sherbini and Kamel acquired an additional 21.67% stake in IDH from private equity firm Actis LLP for $63 million, a deal that pushed their combined holding above the mandatory offer threshold and set the formal bid in motion.
The $291 million offer will be financed through $107 million in equity investment and up to $40 million in further drawdowns under an existing RMBV loan facility.
If the offer succeeds and the bidders acquire 75% or more of IDH's voting rights, they intend to cancel the company's admission to trading on the London Stock Exchange no earlier than 20 business days after that threshold is reached. The delisting would significantly reduce the liquidity and marketability of any shares not tendered into the offer. The bidders have reserved the right to compulsorily acquire any remaining shares not accepted into the offer.
IDH's board said its independent directors will review the mandatory offer and provide a recommendation to shareholders in due course. Richard Henry Phillips stepped down from the IDH board with immediate effect alongside the announcement. Canaccord Genuity is acting as financial adviser to El Sherbini and Kamel, with Baker and McKenzie serving as legal counsel. Strand Hanson is advising IDH.
IDH operates across Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan under brands including Al Borg, Al Mokhtabar, Biolab, and Echo-Lab. The group runs approximately 628 branches and offers more than 3,000 diagnostic tests ranging from routine bloodwork to advanced molecular biology, histopathology, and radiology services including MRI, CT, and ultrasound. The company reported first-quarter 2026 revenue of 2.07 billion Egyptian pounds ($43 million), a 31% increase year on year.
IDH shares fell 11.9% on Monday following the announcement, closing at $0.496, as the market registered the below-market offer price. The stock has lost 33.4% of its value since the start of 2026.
The move follows a broader pattern of management-led buyouts of African-connected companies listed on Western exchanges, where thin liquidity, limited analyst coverage, and persistent valuation discounts have made public markets increasingly unattractive for healthcare and consumer-facing businesses generating strong underlying growth in local currency terms.
IDH trades on the London Stock Exchange under the ticker IDHC.
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