Lactalis Subsidiary tops Rival Bid for Egypt’s Arab Dairy

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A subsidiary of Europe’s biggest dairy group Lactalis has raised its offer for Egypt’s Arab Dairy to 60.5 Egyptian pounds per share, topping a rival bid from Pioneers Holding as a takeover battle heats up.

Egypt’s market regulator said in a statement it was looking into the new bid from the Lactalis subsidiary, called Al-Nour for Dairy Industries. The regulator extended the deadline for new bids last week to Jan. 22, after Pioneers raised its offer for the cheesemaker.

Source: Reuters