The Egyptian Exchange (EGX) said that the tender offer made by Al Noor for Dairy Industries Co. a subsidiary of France’s dairy maker Lactalis till start at EGP 58 per share as of today, Sunday, December 28, 2014, till the close of trading on Thursday, January 15, 2015.
The Egyptian Financial Supervisory Authority (EFSA) has approved a request from Al Noor to launch a mandatory tender offer for 6 million shares, or 100% in Arab Dairy Products.
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