Egypt's Pioneers will offer to buy 100 percent of its subsidiary Universal Co for Packaging Materials and Paper for 7.5 pounds per share on Sunday, a Pioneers official told Reuters.
"We will submit today an offer to buy 100 percent of Universal Co at the price of 7.5 pounds per share," he said.
The company posted a statement on the Egyptian stock exchange confirming its offer.
Universal closed at 6 pounds on Thursday while Pioneers was trading at 6.83 before the announcement was made.
Pioneers specialises in market research and brokerage services but also has investment arms in real estate, industry and financial services.
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