Domty grants Arla Foods approval to begin due diligence

Updated 10/20/2024 1:02:00 PM
Domty grants Arla Foods approval to begin due diligence

Arab Finance: The Board of Directors of Arab Food Industries Company (Domty) has decided to allow Arla Foods to commence due diligence, as per a disclosure.

Last week, Danish dairy giant Arla Foods, known for its Lurpak butter, made a non-binding offer to acquire a majority stake in Egypt’s Domty.

The offer values Domty at EGP 31.48 per share, a 74% premium over its closing price of EGP 18.03, valuing the company at a total of EGP 8.9 billion.

 

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