French dairy producer Lactalis International has offered to acquire Egypt's Arab Dairy for LE66 per share, topping an offer from two other potential buyers including Saudi Arabia's Arrow Food Distribution.
Arrow Food Distribution offered to buy the company at LE57.12 per share on 5 November. Pioneers Holding, a Cairo-based financial company which already owns 25 percent of Arab Dairy, has made an offer to buy a 60.2 percent stake of the cheese maker at LE56 per share.
Arab Dairy said in a statement to the Egyptian stock exchange that it will take a decision to allow Lactalis to carry out the necessary due diligence procedures on 23 November.
The company received other acquisition offers, including one from Denmark-based Arla Foods Amba, at a price of LE65per share.