It was a busy 24 hours for M&A news — Danish Arla Foods wants to snap up Domty, AngloGold Ashanti’s bid for Centamin gets the greenlight from the Egyptian Competition Authority, and updates on Amoun’s planned acquisition of Atlas for Investment and Food Industries.

ARLA FOODS WANTS DOMTY-

Arla is eyeing a complete takeover of Domty: Denmark-based Arla Foods has submitted a non-binding offer to acquire up to 100% of local cheesemaker Domty, according to a press release.

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The offer: Arla is looking to buy a majority stake of up to 100% in the company at EGP 31.48 per share, valuing the company at some EGP 8.9 bn or USD 183 mn. The offer price of EGP 31.48-a-pop represents a 74.6% premium on Domty’s closing price of EGP 18.03 yesterday.

Our large dairy market is a big part of the pull: “The dairy market in Egypt is substantial, Domty is a leading player in that market, and the company is well aligned with our strategy,” Arla’s Senior VP for MENA Kim Valladsen said. The MENA region is Arla’s second largest commercial area after Europe.

A full takeover seems unlikely, with Arla expecting the founding El Damaty family to keep a stake in the company, with Mohamed El Damaty to continue to lead the company as CEO.

El Damaty confirmed this in a Facebook post, saying that whether the transaction goes through or not, he will remain atop the company’s board of directors and the company’s plans to add more production lines and acquire a new plot of land will move forward.

A vote of confidence in the local market: “The offer shows just how much Domty has been undervalued amid weak valuations and a low share price over the eight years since its IPO,” El Damaty said.

More details: Arla plans to delist the company from the EGX in the event of a successful purchase.

What’s next? The offer is subject to “satisfactory due diligence, definitive documentation, corporate and regulatory approval.”

Not the company’s first venture into the Egyptian market: Back in 2015, Arla formed a JVwith dairy giant Juhayna to sell Arla’s products in Egypt. The company further cemented its name in the regional market after securing the license to use the Kraft brand in the Middle East.

Advisors: EFG Hermes is acting as the exclusive financial advisors to Arla on the transaction, a source close to the matter told EnterpriseAM.

ECA GREENLIGHTS ANGLOGOLD’S CENTAMIN ACQUISITION-

ECA clears the path for AngloGold’s acquisition of Centamin: The Egyptian Competition Authority (ECA) has approved NYSE-listed miner AngloGold Ashanti’s offer to take over LSE- and TSX-listed Centamin, according to an LSE disclosure.

Refresher: The two companies agreed last month to an acquisition that will see AngloGold buy Centamin in a cash and share transaction valued at around USD 2.5 bn. The acquisition will give AngloGold — the sixth-largest gold miner in the world — ownership of Egypt’s Centamin-run Sukari mine.

What’s next?Centamin shareholders are scheduled to vote on the transaction at the end of October for the transaction to be finalized before year end.

PREMIUM HEALTHCARE HAS MORE ACQUISITIONS IN THE PIPELINE-

Premium Healthcare subsidiary eyes Jordan expansion with new JV: Premium Healthcare — formerly City Labs — subsidiary Premium Diagnostics UAE is forming a joint venture with Jordan’s Qudah Consulting Laboratories, the company said in an EGX filing (pdf). The JV — dubbed Premium Diagnostics for Laboratories and Medical Supplies — will open 20 new branches over the next three years and be jointly owned by the two companies in a 50/50 split. The final investment and capital requirements are expected to be settled within 60 days.

All part of a bigger plan: The medical diagnostics company has plans to expand its network of labs to 216 across Egypt, Saudi Arabia, and Jordan next year.

THE CLOCK IS TICKING ON AMOUN’S OFFER FOR ATLAS-

To sell or not to sell? Atlas For Investment and Food Industries shareholders have 20 working days to respond to Amoun for Real Estate and Tourism Development’s MTO for 65.59% of the company, according to an EGX bulletin. Shareholders have until Tuesday, 12 November to respond to the offer — the acquisition will be executed within the five working days that follow.

ICYMI: Amoun wants to buy 427.2 mn of Atlas’ shares at EGP 0.78 per share in a mandatory tender offer, putting the transaction’s value at EGP 333.22 mn by our math. Last month, it submitted a mandatory tender offer to acquire a majority stake in Atlas, with the Financial Regulatory Authority approved earlier this week.

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