India’s VRS Foods Due Diligence Bid Approved by Egypt’s Arab Dairy Board

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Egypt’s Arab Dairy Products Co (ADPC.CA) said Tuesday its board of directors approved a request by India’s VRS Foods Ltd to perform a due diligence.

The Indian dairy firm offered to buy Arab Dairy at $9.09 per share pending a due diligence and the approval of VRS foods’ board of directors.

A Number of companies expressed interest in acquiring the Egyptian dairy firm including Danish Arla foods Amba at a price of EGP 65 per share.

Egyptian financial investment firm Pioneers Holding (PIOH.CA) also said that it expected to buy the firm in a deal worth EGP 252 million by year-end, its CEO told Reuters.

The investment firm owns a 25% stake in the dairy firm, and announced in August, that it intends to bid for the entire company at EGP 56 per share.