Arab Dairy Products Co. (Panda) announced that all negotiations and due diligence processes to acquire a stake in the company have ended.
The acquisition talks have ended as interested parties have different strategic views than those of the company’s management and key shareholders, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
The Egyptian dairy firm’s managements and key shareholders prefer a partial exit from the company, the statement added.
Previously, Pioneers Holding Company for Financial Investment revealed that the board of directors of Arab Dairy Products Co. approved a request to enable the UAE-based GC Equity Partners Fund III to carry out a due diligence process as part of its plan to acquire the dairy firm.
It is worth mentioning that during the first half of 2019, Arab Dairy Products Co logged a net profit of EGP 20 million, compared to EGP 8.84 million in the year-ago period.
The company’s capital stands at EGP 160 million, distributed over 160 million shares at a nominal value of 1 per share.