The group has made a bid of the equivalent of €8.35 per share, or €30 million. Saudi Arabia’s Arrow Food distribution and Denmark’s Arla Foods Amba also put in a bid for Arab Dairy.

The battle for control of the Egyptian cheese maker has brought a flurry of activity to the Cairo Bourse, which is still struggling to revive investor confidence since the Arab Spring uprising in 2011.

Pioneer’s bid was just ahead of the €8.32 per share offered by Al Nour. Pioneer’s CEO, Walid Zaky, said the acquisition was part of the company’s effort to expand in the food sector, which is a fast growing industry in the most populous Arab country of 87 million people. Pioneer, which already owns 25% of Arab Dairy, is set to start buying up the remaining shares later this week.