Arab Dairy Products gets another suitor31 Dec 2014
The Egyptian Financial Supervisory Authority (EFSA) has approved a request from Al Noor for Dairy Industries, a subsidiary of French dairy company Lactalis, to launch a tender offer for 6 million shares, or 100% of Arab Dairy Products. Al Noor has offered EGP 58 per share. EFSA had previously extended the duration for the tender […]
The Egyptian Financial Supervisory Authority (EFSA) has approved a request from Al Noor for Dairy Industries, a subsidiary of French dairy company Lactalis, to launch a tender offer for 6 million shares, or 100% of Arab Dairy Products.
Al Noor has offered EGP 58 per share.
EFSA had previously extended the duration for the tender offer launched by Pioneer Holding for 3,611,301 shares in Arab Dairy Products for ten days starting from the expiry of the current period and will end on Monday, January 12, 2015.
The Arab Dairy board had decided to approve a request received from Saudi-based company Arrow Food Distribution to conduct due diligence. Arrow had offered EGP 57.12 per share.
Arla tabled a bid of EGP 65/share for Arab Dairy Products in September but dropped out in December after conducting due diligence.
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