Misr Arabian Poultry Sets Sights on Rival

by 5m Editor
8 May 2008, at 12:03pm

EGYPT - Ismailiya Misr Arabian Poultry has tabled a E£426m ($80m) takeover bid for rival chicken producer Ismailiya Misr Poultry. The bidder is part of the Dallah el-Baraka group of companies, a Saudi Arabian conglomerate owned by Sheikh Saleh Kamel.

According to Middle East Business Intelligence, the takeover target is an Egyptian company listed on the Cairo & Alexandria Stock Exchanges.

The bid of E£70 a share has to be accepted before 18 May.

Ismailiya Misr Arabian Poultry will accept a 51 per cent controlling stake in its takeover target if it fails to secure 100 per cent of the equity.

View the Middle East Business Intelligence story by clicking here.

5m Editor