The Egyptian Financial Standards Authority has extended the offer period for private-equity firm Abraaj’s bid for Bisco Misr.
The regulator said it was increasing the offer period to 24 December, matching the period for the rival bid from Kellogg.
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The US cereal group appears to be in pole position to buy Bisco Misr after submitting a bid of EGP82.2 a share on 30 November.
At the end of last week, Kellogg held a briefing in Cairo where details of the tender offer were shared. The group was reported in local press as having indicated it would retain Bisco Misr’s existing workforce.
“We do not aim to lay off company workers, especially since they were able achieve strong earnings during the last three years,” Amr Farghal, Kellogg’s VP of Central and Eastern Europe, the Middle East, and North Africa, is reported as saying.
Kellogg did not comment specifically on the matter when approached by just-food, but said in a statement: “BiscoMisr’s manufacturing capabilities, skilled labour and go-to-market infrastructure, coupled with Kellogg’s know how, technology, iconic brands and marketing expertise, will enable them both to emerge as a strong cereal and snacks player in Egypt and other North African countries.”
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By GlobalDataIt added that if successful in its bid, Bisco Misr would be “an excellent strategic fit for Kellogg and will complement their snacks business, helping advance both companies’ respective positions in Egypt and North Africa”.
Abraaj did not respond to request for comment when approached by just-food today (10 December).
