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EFSA extends period for Pioneers’ bid for Arab Dairy

EFSA extends period for Pioneers’ bid for Arab Dairy
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The Egyptian Financial Supervisory Authority (EFSA) has extended the duration for the mandatory tender offer launched by Pioneers Holding for 3,611,301 shares in Egypt’s cheese maker Arab Dairy Products Co. for ten days starting from the expiry of the current period and will end on Monday, January 12, 2015.
Pioneers’ current bid started on November 30 and is scheduled to end on Thursday, December 25, 2014.
Meanwhile, Al Noor for Dairy Industries Co., subsidiary of French dairy maker Lactalis has submitted a mandatory tender offer to EFSA on Wednesday for 6 million shares, or 100% in Arab Dairy Products.
Al Noor has made an offer at EGP 58 per share, totaling EGP 348 million, at 51% minimum of target shares.
Meanwhile, Mubasher learnt on Tuesday that a total of 3.1 million shares, or 86% in Arab Dairy Products responded to the mandatory tender offer submitted by Pioneers Holding seven sessions before the expiry of the buy offer.
Arab Dairy said, in a statement to the stock market Tuesday that its board of director reviewed a report prepared by the independent financial advisor as regards evaluation of a buy offer received by the company and concluded that the tender offer is in line with the report prepared by the financial advisor.
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.
Photo Credit: Arabianeye-Reuters