Kellogg and private-equity firm Abraaj want to buy Bisco Misr

Kellogg and private-equity firm Abraaj want to buy Bisco Misr

Kellogg has been battling it out with Middle East private-equity group Abraaj to buy Egyptian snack maker Bisco Misr. Here just-food provides the highlights in the race so far.

11 January

A total of 86% of Bisco Misr shareholders accept Kellogg's offer after the US company indicated it was willing to take full control of the group.

6 January

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

31 December

Abraaj announces it is pulling out of the acquisition race and wishes Kellogg luck, trusting that if successful, it will "continue to preserve and grow this Egyptian national icon".

28 December

The Egyptian Financial Supervisory Authority says it is extending the bidding period for the takeover of Bisco Misr until 11 January.

25 December

Kellogg subsequently increases its offer price to EGP89.96, beating Abraaj's earlier offer.

25 December

Abraaj submits a request to raise its bid to EGP88.08, the Egyptian Financial Supervisory Authority says in a statement.

18 December

A day later, reports emerge Kellogg has tabled a new offer for Bisco Misr, trumping its private-equity rival.

17 December

Abraaj ups its bid for Bisco Misr from EGP80.58 a share to EGP84.66.

9 December

Egypt's financial regulator extends the offer period for Abraaj's bid to 24 December, the same period set out for Kellogg's bid.

30 November

Kellogg raises its offer for Bisco Misr, trumping the bid on the table from Abraaj. The EGP82.2-a-share offer surpasses Abraaj's proposal to buy the business for EGP80.58 per share.

26 November

Abraaj ups the ante with a fresh bid for Bisco Misr, even though it has the highest offer on the table. The buy-out house sends a request to the Egyptian Financial Supervisory Authority to increase its bid to EGP80.58 a share.

25 November

The Egyptian Financial Supervisory Authority gives Kellogg the green light to formally table its EGP79-a-share offer.

23 November

The Egyptian Financial Supervisory Authority says it is studying a new offer from Abraaj of EGP79.1 per share, valuing Bisco Misr at EGP909.7m, and higher than Kellogg's bid of EGP79 a share.

21 November

Kellogg tells just-food its move for Bisco Misr is part of a "strategic goal of becoming a global snacks leader".

20 November

Kellogg shows its hand, tabling a EGP79-a-share offer for Bisco Misr, valuing the business at EGP908.5m.

18 November

The Egyptian Financial Supervisory Authority clears a bid from private-equity firm Abraaj Investment Management to buy Bisco Misr. In a stock exchange filing, Bisco Misr says Abraaj has got the go-ahead to start buying shares at EGP73.91 (US$10.32) per share, valuing the business at EGP850m. The deal, the filing says, is expected to be completed by 17 December.

31 August

Bisco Misr says cereal giant Kellogg is eyeing a majority stake in its business. A statement issued by the biscuit maker on the Egyptian Stock Exchange claims Kellogg is looking at acquiring at least 51% of the company.