Sector News

Saudi’s Arrow launches rival bid to acquire Egypt’s Arab Dairy

November 6, 2014
Food & Drink
(Reuters) – Saudi Arabia’s Arrow Food Distribution has offered to acquire Egypt’s Arab Dairy Products for 57.12 Egyptian pounds ($7.98) per share, topping a rival bid from financial firm Pioneers Holdings.
 
Pioneers, which already owns 25 percent of Arab Dairy, made a bid on Tuesday to buy 60.2 percent of the cheese maker for 56 pounds per share.
 
Khaled El Tayeb, general manager of Pioneers’ investment committee, told Reuters on Tuesday his company expected the bid to be accepted and had plans to restructure Arab Dairy and take it to new markets.
 
But as part of a disclosure to the stock market on Wednesday, Arab Dairy published a letter dated Nov. 4 from Arrow food offering to acquire 100 percent of its shares.
 
Arrow, a distributor, manufacturer and retailer of food products in the Middle East, said in the letter it would accept no less than a 51 percent controlling stake in Arab Dairy.
 
It said the acquisition would allow Arab Dairy to benefit from its distribution network and give it access to other Middle East markets.
 
Arab Dairy would decide whether to take the offer further at a meeting on Nov. 6, it said in a statement.
 
Pioneers specialises in brokerage services and offers market research and investment banking services for retail and institutional clients. It operates in Egypt, the United Arab Emirates and Bahrain and invests in the real estate, industrial, and financial sectors.

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

January 17, 2021

Ireland’s agri-food sector bolstered with €1B from EU Brexit fund

Food & Drink

Local industry stakeholders under Food Drink Ireland (FDI) have called for targeted support measures in the sector that will help businesses stay buoyant during the transitional period.

January 17, 2021

Diageo names new CFO as Kathryn Mikells to exit later this year

Food & Drink

Diageo has announced that the company’s CFO Kathryn Mikells will leave the business later this year and will be replaced by Lavanya Chandrashekar.

January 17, 2021

Monster Beverage names Hilton H. Schlosberg as co-CEO

Food & Drink

Schlosberg – who has resigned his positions as president, CFO, COO and secretary of Monster Beverage – will serve as co-CEO alongside Rodney C. Sacks.

Send this to a friend