Al Noor for Dairy Industries Co., subsidiary of French dairy maker Lactalis has submitted a mandatory tender offer at the Egyptian Financial Supervisory Authority (EFSA) for 6 million shares, or 100% in Arab Dairy Products Co.
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.
The Egyptian Exchange (EGX) had announced earlier that Pioneers mandatory tender offer for Arab Dairy Products would start on Sunday, November 30 till Thursday, December 25, 2014.
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.
It was reported in late November that Lactalis had hired Ernst & Young (E&Y) as it financial advisor for its intended bid for Arab Dairy Products Co.
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