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Pioneers to launch buy offer for Arab Dairy Nov 30

Pioneers to launch buy offer for Arab Dairy Nov 30
Aspire Capital
ASPI
-1.84% 0.37 -0.01
Arab Dairy-Panda
ADPC
-1.52% 1.94 -0.03
The Egyptian Exchange (EGX) announced that the mandatory tender offer of Pioneers Holding for Financial Investments for Arab Dairy Products will start on Sunday, November 30 till Thursday, December 25, 2014.
The Egyptian Financial Supervisory Authority (EFSA) had approved a request from Pioneers to submit a mandatory tender offer to buy up to 3611301 share, or 60.188% in Arab Dairy Products at EGP 56 per share.
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.