Saudi's Arrow bids to acquire stake in Egypt's Arab Dairy

(MENAFN) Saudi Arabia's Arrow Food Distribution reported it has offered a bid to acquire Egypt's Arab Dairy Products for USD7.98 per share, which tops a rival bid from financial firm Pioneers Holdings, the company that owns 25 percent of Arab Dairy, which made an offer to buy 60.2 percent of the cheese maker earlier this year, Arabian Business reported.

Arrow, a distributor, manufacturer and retailer of food products in the Middle East, said that this offer is conditional to the company not accepting less than 51 percent stake in Arab Dairy and that the Egyptian company will benefit from Arrow's distribution network and give it access to other Middle East markets.

Meanwhile, Pioneers specializes in brokerage services and offers market research and investment banking services for retail and institutional clients, with operations in Egypt, the United Arab Emirates and Bahrain and investments in the real estate, industrial, and financial sectors.

Arab Dairy said that it would make its final decision on which bid to accept by November 6 after further studying to both offers.