The Egyptian Capital Market Authority on May 27  rejected a proposal made by France Telecom for a tender offer to shareholders of the Egyptian Company for Mobile Services, the formal name of the company commonly known as Mobinil, at 237 Egyptian pounds per share. This price represents a 58% premium on the 5 April 2009 closing price (the last price before the arbitration ruling was announced) and a 43% premium on the latest 6-month weighted average.

In a statement France Telecom said it regrets the decision."The Egyptian market authorities have decided on the one hand to block the execution of an enforceable  arbitration ruling by the International Chamber of Commerce, and on the other hand to reject the proposed public offering on a highly questionable basis, despite the fact that it is based on a price determined following talks with the market authorities themselves,"  France Telecom said in a prepared statement. "Under these circumstances, France Telecom will use all national and international legal channels to challenge the market authorities' rulings and re-establish its rights. "

In addition, France Telecom maintains that the arbitration ruling was not challenged within the required legal deadlines so is consequently "executable in its form and substance" as confirmed on 7 May by the District Court of Geneva, the same jurisdictional district as an Arbitration Court involved in the dispute. As France Telecom did not receive the Mobinil securities currently owned by Orascom Telecom by 10 April in accordance with the ruling, the French phone company claims Orascom Telecom must pay France Telecom a fine of $50,000 per day until the securities are transferred.

 Mobinil is one of Egypt's five largest companies on the Cairo & Alexandria Stock Exchange in terms of market capitalization.