A takeover for Bisco Misr by Abraaj has been given the all-clear by EFSA

A takeover for Bisco Misr by Abraaj has been given the all-clear by EFSA

The Egyptian Financial Supervisory Authority has cleared a bid from Abraaj Investment Management for the takeover of local snacks group Bisco Misr.

In a stock exchange filing today (18 November), Bisco Misr said the affiliate of private-equity firm Abraaj Capital had got the go-ahead to start buying shares this Thursday at EGP73.91 (US$10.32) per share - a total of EGP850m. Purchase completion is expected for 17 December.

According to Reuters, Bisco Misr has said it is still possible for competing offers to be made. The news wire also said Bisco Misr had confirmed on 2 November that shareholders holding 56% of the company had agreed to sell to Abraaj.

No-one was immediately available at Bisco Misr to comment further when approached by just-food today.

Kellogg had been linked with the firm in August with Bisco Misr saying it was looking at acquiring 51% of shares. Kellogg did not comment at the time when approached

Last June, Bisco Misr rejected takeover advances from Juhayna Food Industries.