French dairy producer Lactalis International has offered to buy the Egypt-based dairy firm Arab Dairy for LE66 ($9.20) per share.
This new offer marks the highest price for share compared to the other potential buyers including Saudi Arabia's Arrow Food Distribution, Cairo-based financial company Pioneers Holding and Denmark-based Arla Foods Amba, Ahram Online reported.
Pioneers Holding already have a stake of 25% in this Egyptian company. They had offered to buy 60.2% stake of the company at LE56 ($7.80) per share.
Earlier this month, Arrow Food Distribution had given an acquisition offer at LE57.12 ($7.96) per share, while Arla Foods Amba had made an offer of LE65 ($9) per share.
Arab Dairy has submitted a statement to the Egyptian stock exchange saying that the company will take a decision to allow Lactalis to carry out the necessary due diligence procedures on 23 November.
The company offers products in four segments such as White Cheese, Processed Cheese, Swiss Cheese and Italian Cheese.
It exports products to the Middle Eastern countries, such as Lebanon, Jordan, Libya, the United Arab Emirates, Saudi Arabia, Palestine, Bahrain, Oman and Kuwait.
