Bisco Misr shareholders have agreed to sell to Kellogg

Bisco Misr shareholders have agreed to sell to Kellogg

Investors owning over half of Bisco Misr have accepted Kellogg's takeover offer for the Egyptian snack firm.

Bisco Misr issued a release yesterday (5 January) advising shareholders owning 59.91% of the business accepted to sell their shares at EGP89.86 (US$12.58) per share.

Last week Abraaj bowed out of the race to acquire the biscuit maker, after Kellogg topped its bid of EGP88.09 per share.

"Abraaj wishes BiscoMisr and Kellogg success, and trusts that Kellogg will, following the successful completion of its tender offer, continue to preserve and grow this Egyptian national icon," the investment company said in a statement at the time.

Abraaj made its first move for Bisco Misr in November but that prompted rival interest from Kellogg.

Check out just-food's timeline for how the tussle for Bisco Misr has developed.