M&A WATCH- Plot twist: Arab Dairy rejects buyout offers: Cheesemaker Arab Dairy has turned down “all the offers” it has received for a buyout, it said in an EGX disclosure (pdf), explaining that they did not match the “strategic vision” of its management or main shareholders. The company did not disclose any details about the offers, but said it “would prefer a strategic consortium with investors instead of completely exiting the company in light of how strong the industry is and its promising future outlook.” Arab Dairy is close to 70%-owned by Pioneers Holding, which had hired CI Capital to advise it on the sale

Background: Arab Dairy said last month that Netherlands-based FrieslandCampina had completed due diligence to acquire the company but that negotiations were still ongoing. The Panda cheese producer had given the Dutch company the green light to conduct due diligence to acquire 100% of its shares in June. UAE-based Gulf Capital also considered a move, but backtracked in July, saying their “strategy and expansion plans are not in line” with its investment mandate.