Misr Arabian Poultry offers $80m for rival chicken producer

06 May 2008
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.

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.

The bidder is being advised by CI Capital Investment Banking, an Egyptian bank.

Prices for both poultry and eggs have soared in Egypt since the beginning of the year, adding to the pressure on inflation driven by rising wheat prices.

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