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Lactalis ready to give $51.77 million for Arab Dairy

Staff writer |
A subsidiary of Lactalis has raised its offer for Egypt's Arab Dairy to 65.75 Egyptian pounds per share, topping the latest rival bid from Pioneers Holding.

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The revised bid values Arab Dairy at 395 million Egyptian pounds ($51.77 million) compared with around 385 million Egyptian pounds for the latest Pioneers offer.

Egypt's market regulator said in a statement it had accepted the new bid from the Lactalis subsidiary, called Al-Nour for Dairy Industries, and had extended the deadline for new bids to Feb. 22.

Pioneers, a financial firm that already owns 25 percent of Arab Dairy, increased its offer for the company to 64.30 pounds per share a week ago, on Feb. 8, topping the previous offer of 63 pounds from Lactalis.

Pioneers originally bid 56 pounds a share for the Egyptian cheesemaker in August but has been forced to increase its offer price after a slew of rivals entered the fray.

The battle for control of Arab Dairy is part of a recent flurry of activity on Egypt's stock exchange, signalling resurgent interest from international investors in a market looking to restore confidence after the turmoil unleashed by a 2011 uprising which ousted leader Hosni Mubarak.

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