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EFSA nods to raising Lactalis bid for Arab Dairy

EFSA nods to raising Lactalis bid for Arab Dairy
Photo Credit: Arabianeye-Reuters
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The Egyptian Financial Supervisory Authority (EFSA) has approved a request from by Al Noor for Dairy Industries Co., subsidiary of France’s dairy maker Lactalis, to raise the price of its buy offer for Arab Dairy Products Co. to EGP 65.75 per share.

The new price is 2.25% higher than the rival bid at EGP 64.30 per share, which was submitted by Pioneers Holding for Financial Investment.

Pioneers and Lactalis have been battling over the Egypt-based dairy producer.

EFA had extended the bidding period for five business days starting from the day next to the expiry date of the current bid period.
Photo Credit: Arabianeye-Reuters