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.