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.

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