New bid to acquire Arab Dairy offered, EFSA announces

The Egyptian Financial Supervisory Authority (EFSA) approved Monday Al-Nour Company for Dairy Product’s bid to purchase all shares of the stock-listed Arab Dairy Product Company (ADPC), the regulatory body said.

Al-Nour made its offer to acquire 100% of Arab Dairy shares, with a minimum of 51% of its stakes, with the value of EGP 58 per share.

In early December, Swedish-Danish Arla Food, the world’s 7th largest dairy firm, announced it will not complete a bid for all shares of Arab Dairy after a thorough investigation into the company.

“Our conclusion, based on the due diligence, is that we shall not place a final tender offer for Arab Dairy,” said Finn Hansen, Executive Vice President for Arla’s international business group in a statement.

Arab Dairy started production in 1990 in Egypt, and currently exports to countries across the Middle East. It registered a loss of EGP 24m in the first nine months of 2014, according to its statements.