Pioneers Holding Co. (CASE:PIOH) made an offer to acquire additional 60.19% stake in The Arab Dairy Products Co. (CASE:ADPC) from Saudi Egyptian Investment & Finance Co.S.A.E. (CASE:SEIG) and other for approximately EGP 200 million on August 7, 2014. Under the terms, Pioneers Holding Co. will acquire 3.6 million shares for EGP 56 per share. Post transaction Pioneers Holding Co. will hold 100% stake. As of October 16, the Board of Directors of Pioneers Holding unanimously approved the deal. The deal is submitted to the Egyptian Financial Supervisory Authority on November 4, 2014. As of January 12, 2015, Egyptian Financial Supervisory Authority approved the transaction. The transaction is expected to be completed by the end of 2014.

In competing bids, Arrow Food Distribution Company made an offer to acquire The Arab Dairy Products Co. (CASE:ADPC) from Saudi Egyptian Investment & Finance Co.S.A.E. (CASE:SEIG), Pioneers Holding Co. (CASE:PIOH) and others for approximately EGP 340 million on November 4, 2014. Arla Foods amba made a non binding bid to acquire The Arab Dairy Products Co. (CASE:ADPC) from Saudi Egyptian Investment & Finance Co.S.A.E. (CASE:SEIG), Pioneers Holding Co. (CASE:PIOH) and others for EGP 390 million on September 10, 2014. As reported on November 28, 2014, Pioneers Holding will launch the takeover offer on November 30, 2014 and will run until December 25, 2014. The transaction was approved by Egyptian Financial Supervisory Authority. As of December 18, 2014, Pioneers Holding's offer to acquire Arab Dairy Products to end on January 12, 2015.

As on January 6, 2015, Pioneers Holding Co. (CASE:PIOH) made an increased offer to acquire additional 60.19% stake in The Arab Dairy Products Co. (CASE:ADPC) from Saudi Egyptian Investment & Finance Co.S.A.E. (CASE:SEIG) and other for approximately EGP 210 million. Pioneers increased its offer by about 2% above France's Lactilis offer. The Egyptian Financial Supervisory Authority extended all offers on Arab Dairy by 5 working days to January 22, 2015. The extension allows competeing companies to make counteroffers as the bidding intensifies. As of February 13, 2015, Pioneers Holding increased the offer price to EGP 64.3 per share. As of March 2, 2015, Egyptian Financial Supervisory Authority approved increased offer price of EGP 71.11 per share. Pioneers Holding Co. (CASE:PIOH) won the race to acquire The Arab Dairy Products Co. (CASE:ADPC) from Saudi Egyptian Investment & Finance Co.S.A.E. (CASE:SEIG) and other for approximately EGP 260 million. Sherif Abdel Aal, Ahmed Heider, Noha Fakher, Karim Seoudi, Magdy Amin and Salah El Dardir of Pharos acted as financial advisor to Adham Corporation Limited & Saudi Egyptian Investment and Finance.

Pioneers Holding Co. (CASE:PIOH) completed the acquisition of additional 59.93% stake in The Arab Dairy Products Co. (CASE:ADPC) for approximately EGP 260 million on March 12, 2015. Post transaction, Pioneers holds 76.66%.