Egypt's Pioneers Holdings offers to buy 60.2 percent of Arab Dairy

Investment company Pioneers Holdings has offered to buy 60.2 percent of Arab Dairy for 56 Egyptian pounds ($7.83) per share, the Egyptian Financial Supervisory Authority said in a statement to the country's stock exchange on Tuesday.

The value of the offer by Pioneers, which already owns 25 percent of Arab Dairy, is more than 200 million Egyptian pounds.

"I expect that the deal will be acceptable to the shareholders of (Arab Dairy)... We have strong plans to restructure the company and open new markets for their products after the acquisition," Khaled El Tayeb, Pioneers' investment committee general manager told Reuters.