The Egyptian Exchange (EGX) announced on Tuesday it adjusted the price of Pioneers Holding’s buy offer for Arab Dairy Products Co. to EGP 61.75 from EGP 59.20 per share.

The Egyptian Financial Supervisory Authority (EFSA) had approved a request from Al Noor for Dairy Industries Co. a subsidiary of France’s dairy maker Lactalis, to raise its bid for Arab Dairy Products to EGP 60.5 per share instead of EGP 58 per share.
Lactalis and Pioneers are competing for acquiring the dairy products firm. Deadline for their bids was set at January 22.
Photo Credit: Arabianeye-Reuters