Egypt's Pioneers beats Lactalis in bid to acquire Arab Dairy

Financial services firm Pioneers won the bid to acquire local cheese maker Arab Dairy at LE71.11 per share, beating rival Lactalis, which offered LE71 per share.
Pioneers is set to buy a 60.19 percent share in Arab Dairy, which would raise its share in the company to 100 percent, for a total of LE256.8 million, the country's financial regulator announced in a release to the stock exchange on Monday.

The bidding war is the latest sign that Egypt’s equity market is witnessing a revival, after years of political turmoil following the country’s 2011 uprising against former autocrat Hosni Mubarak slowed down market activity.

Earlier this year, the world’s largest cereal maker, US-based Kellogg Co, acquired a majority stake in Egyptian confectionary maker Bisco Misr in a deal worth $125 million.