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Lactalis hires E&Y as advisor for Arab Dairy Products bid

Lactalis hires E&Y as advisor for Arab Dairy Products bid
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French dairy group Lactalis has hired Ernst & Young (E&Y) as it financial advisor for its intended bid for Egypt's Arab Dairy Products Co., Al Mal newspaper learnt.
The French firm also hired Al Kamel Law as a legal advisor for the bid, it added.
Lactalis is waiting for Arab Dairy's approval to start conducting the due diligence next week, said Al Kamel Firm lawyer Hossam Atef.
Lactalis has offered to acquire Egypt's Arab Dairy Products Co. for EGP 66 per share. Arab Dairy said in a statement to the Egyptian stock exchange that it will hold a board meeting on November 23 to take a decision on allowing Lactalis to carry out the necessary due diligence.
Arab Dairy board had decided to approve a request received from Saudi-based company Arrow Food Distribution to conduct due diligence.
Arab Dairy announced earlier receiving a letter from Arrow Food Distribution showing that latter’s plan to offer a mandatory tender offer for the company’s shares at a minimum of 51% of capital and at a price of EGP 57.12 per share.
The Egyptian Financial Supervisory Authority (EFSA) announced earlier that Pioneers Holding for Financial Investments submitted a mandatory tender offer to buy up to 3611301 share, or 60.188% in Arab Dairy at EGP 56 per share.