Egypt extends Arab Dairy takeover bid deadline until Jan. 15

The extension allows rivals to make counteroffers as a bidding war for Arab Dairy intensifies

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Egypt’s financial regulator has extended until Jan. 15 the deadline for bids to acquire Arab Dairy, which is at the centre of a takeover battle involving Europe’s biggest dairy group, Lactalis.

The extension allows rivals to make counteroffers as a bidding war for Arab Dairy intensifies.

Lactalis offered $9.2 per share in November, topping at least two rival bids for the Egyptian cheesemaker.

Saudi Arabia’s Arrow Food Distribution and financial firm Pioneers Holdings, which already owns 25 percent of Arab Dairy, are among the other bidders.

Denmark’s Arla Foods decided to drop its bid this month after conducting due diligence.

The battle for control of Arab Dairy is part of a recent flurry of activity on Egypt’s stock exchange, signalling resurgent interest from international investors in a market looking to restore confidence after the turmoil unleashed by a 2011 uprising which ousted leader Hosni Mubarak.

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