Abu Dhabi Islamic Bank and Emirates International Investment Company (EIIC) offered 310 million Egyptian pounds ($54 million) on Tuesday for full control of Egypt's National Bank for Development.
They said in a published announcement that their offer -- 11 pounds a share for all of the bank's 28.192 million shares -- would be valid for 20 working days starting on Wednesday.
The takeover will go through as long as they receive offers which amount to 51.2995 percent of the bank's equity, they said.
The Abu Dhabi bank and EIIC made an identical but informal offer for the Egyptian bank in April but negotiations languished when the Egyptian government, which owns 17.86 percent of NBD, declined to sell at that price.
The central bank official who was handling the government's stake was not immediately available on Tuesday to say whether the government had changed its mind.
National Bank for Development is one Egypt's smaller banks and has made losses in recent years. Eighteen of its branches already operate under Islamic banking regulations.
But it is one of the few banks which have not change hands in recent years during a major upheaval in the banking system.
Via Reuters investing.