After a six month long bidding war, Pioneers Holding’s sealed bid of US$9.36 per share for 60.2% of Egyptian cheesemaker Arab Dairy has been approved by the Egyptian Financial Supervisory Authority, beating the US$9.34 per share bid submitted by Lactalis subsidiary Al-Nour. This per share price translates to a total cost of US$33.5 million.
Pioneers already owns 16% in Arab Dairy, and upon completion of this deal, which is expected to be accepted by Arab Dairy within the week, its stake in the company will climb to 76.2%.
Arab Dairy is best known for its Panda cheese brand, and controls the seventh largest share in the Egyptian cheese market, worth US$843.9 million according to Euromonitor.
Read more