Bid deadline for Arab Dairy extended to January 22

Egypt’s regulator has extended to Jan. 22 the deadline for bids to acquire Arab Dairy, after Pioneers Holdings raised its offer for the cheesemaker at the centre of a takeover battle with Europe’s biggest dairy group Lactalis.

Pioneers, a financial firm that already owns 25 per cent of Arab Dairy, increased its offer for the company to 59.20 pounds per share this week, valuing it at $49.68 million and topping a rival offer of 58 pounds from Lactalis.

Pioneers originally bid 56 pounds a share for the Egyptian cheesemaker in August but has been forced to increase its offer price after a slew of rivals entered the fray.

Lactalis subsidiaries Al-Nour for Dairy Industries, Best of France for Dairy Products and Best Cheese Company for Dairy Products indicated in November they were planning to offer 66 pounds per share for Arab Dairy, pending due diligence. They subsequently offered 58 pounds per share.