The Egyptian Financial Supervisory Authority (EFSA) has approved a request from Al Noor for Dairy Industries Co., subsidiary of French dairy maker Lactalis to launch a mandatory tender offer 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.
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.
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