Arab Dairy-Panda
ADPC
ADPC
The Egyptian Exchange (EGX) announced that the offer price submitted by Al Noor for Dairy Industries Co. a subsidiary of France’s dairy maker Lactalis for Arab Dairy Products Co. has been amended to EGP 60.5 per share instead of EGP 58 per share.
The Egyptian Financial Supervisory Authority (EFSA) has approved a request from Al Noor to raise its bid price for Arab Dairy.
The new offer price is 2.19% higher than the one submitted by rival bidder Pioneers Holding at EGP 59.2 per share.
Lactalis and Pioneers are competing for acquiring the dairy products firm. Deadline for their bids was set at January 22.
Al Noor has made an offer at EGP 58 per share, totaling EGP 348 million, at 51% minimum of target shares.
EFSA had previously extended the duration for the mandatory tender offer launched by Pioneers Holding for 3,611,301 shares in Arab Dairy Products for ten days starting from the expiry of the current period and will end on Monday, January 12, 2015.
Photo Credit: Arabianeye-Reuters
The Egyptian Financial Supervisory Authority (EFSA) has approved a request from Al Noor to raise its bid price for Arab Dairy.
The new offer price is 2.19% higher than the one submitted by rival bidder Pioneers Holding at EGP 59.2 per share.
Lactalis and Pioneers are competing for acquiring the dairy products firm. Deadline for their bids was set at January 22.
Al Noor has made an offer at EGP 58 per share, totaling EGP 348 million, at 51% minimum of target shares.
EFSA had previously extended the duration for the mandatory tender offer launched by Pioneers Holding for 3,611,301 shares in Arab Dairy Products for ten days starting from the expiry of the current period and will end on Monday, January 12, 2015.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
