Egypt-based private-equity firm Pioneers Holding has upped its bid to buy Arab Dairy, although it is still short of Lactalis, which has the highest offer on the table.

In a release from the Egyptian Financial Supervisory Authority today (6 January), the watchdog said it had approved Pioneers’ amended offer of EGP59.20 (US$8.27) per share.

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The investment firm, which holds a 25% stake in Arab Dairy, had previously offered EGP56 per share. The EFSA had given Pioneers until 15 January to renew its offer following a bid Lactalis-owned Egyptian firm, Al Nour for Dairy Industries, of EGP58 per share on 17 December.

French dairy giant Lactalis has offered EGP66 per share for Arab Dairy, which is one of Egypt’s top ten dairy processors.

Click here for a profile on Arab Dairy.

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