Investment firm Pioneers Holding has reportedly submitted the winning bid for the takeover of Egypt's Arab Dairy.
Following a more than six-month long battle for the Egyptian dairy company, Pioneers' sealed bid offer of EGP71.11 (US$9.32) was accepted yesterday (2 March), according to Reuters. The newswire cited information from the Egyptian market regulator. Pioneers already owns 25% of Arab Dairy.
Al Nour, a local subsidiary of French dairy giant Lactalis, bid EGP71.
No-one was available to comment from Pioneers Holding at the time of press. Arab Dairy could not be reached for comment.
In November, amid the takeover battle for Arab Dairy, we published a profile on the company. Click here for more.