The Egyptian Financial Supervisory Authority is extending the deadline for local private-equity firm Pioneers Holding to bid to buy Arab Dairy, following an offer from local dairy Al Nour for Dairy Industries, a subsidiary of France’s Lactalis Group.
On 17 December, Al Nour offered to buy 100% of Arab Dairy for EGP58 (US$8.10) per share. The company stipulated it would acquire a minimum of 51% of the business. The plan was approved by the EFSA on 28 December.
Pioneers Holding, which presently holds a 25% stake in Arab Dairy, offered EGP56 per share for the rest of the company in September. The private-equity firm did not respond to just-food’s questions today (5 January) on whether it would submit a renewed bid.
Other firms still in the running to acquire Arab Dairy include Saudi’s Arrow Food Distribution, which made an offer of EGP57.12 per share in November. French dairy giant Lactalis has tabled the highest offer, set at EGP66 per share.
Arla Foods pulled out of the race last month saying it decided to drop its offer having completed due diligence.