The board of Arab Dairy Products Co. had decided to postpone allowing Al Noor Dairy Products Co., a subsidiary of French dairy group Lactalis, to start due diligence on the company, till all required documents are completed and the tender offer is reviewed by the board.
Lactalis has offered to acquire Egypt's Arab Dairy Products Co. for EGP 66 per share.
Meanwhile, Al Mal newspaper reported that the French dairy group has hired Ernst & Young (E&Y) as it financial advisor for its intended bid for Arab Dairy Products.
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.