Dairy group Lactalis has submitted a bid for the takeover of Egypt’s Arab Dairy Products.
In a stock exchange filing by Arab Dairy, Lactalis has offered to by the entire company for EGP66 (US$9.22) per share.
Earlier this month, Saudi’s Arrow Food Distribution joined the race to acquire Arab Dairy at EGP57.12 per share.
Other suitors have included Pioneers Holding which presently holds a 25% stake in Arab Dairy. The investment firm offered EGP56 per share in September.
Arla Foods also made a play for Arab Dairy in September, offering EGP65 per share for up to 100% of the business. At the time, Rasmus Malmbak Kjeldsen, senior vice president for Arla’s business in the Middle East and Africa, said: “The company seems well-aligned with our ambitions in Egypt”.