Raya Holding may soon no longer be the sole owner of Raya Foods: Raya Holding has received a binding offer to acquire up to 49% of its wholly-owned subsidiary Raya Foods for USD 40 mn, the parent company said in a disclose to the EGX on Thursday (pdf). The offer will be presented to the company’s board of directors and an independent financial advisor will be appointed. Raya stopped short of disclosing the name of the bidder.Raya Foods typically contributes c. 5% of the group’s total revenues.

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Market Reax: Raya Holding’s share jumped 12.8% to EGP 3.44 at Thursday’s close following the news.

Investors have been showing a lot of interest in Egyptian food companies this month: The news came two days after another major bid in the food sector — Denmark-based Arla Foods has submitted a non-binding offer to acquire up to 100% of EGX-listed Domty. The offer values the dairy producer at USD 183 mn and has pushed Domty’s shares up 40% in the two trading days since Tuesday.

SPEAKING OF DOMTY- The company has postponed allowing Arla Foods to conduct its due diligence, until Arla responds to board members’ inquiries regarding the potential acquisition, the company said in a disclosure to the EGX on Thursday (pdf).

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