EGYPT - Dairy giant Arla has pulled out of its bid for Arab Dairy Product Company in Egypt.
Arla said it decided not to make a final offer for the company following a thorough investigation and now the company is to explore alternative options to enter the Egyptian market.
Since Arla made a non-binding bid for all shares in the listed Egyptian dairy company, Arla Foods and its team of advisors have conducted a thorough due diligence exercise concerning Arab Dairy Product Company.
“Our conclusion, based on the due diligence, is that we shall not place a final tender offer for Arab Dairy.
“Egypt is, however, still an interesting market for us and we are working on alternative options to enter the market soon,” said Finn S. Hansen, Executive Vice President for Arla's international business group.
TheMeatSite News Desk