Kellogg has confirmed it has pressed forward with a bid to acquire Egyptian snack maker Bisco Misr.
In a stock exchange filing yesterday, (20 November), Bisco Misr said it had received an offer from Kellogg to buy 100% of its shares at EGP79 per share – valuing the group at EGP908.5m (US$126.9m).
Go deeper with GlobalData
The takeover offer was higher than that tabled two days earlier by private-equity firm Abraaj, which had offered EGP73.91 per share.
A spokesperson for Kellogg said its move for Bisco Misr was for a majority of the business at a minimum.
“As part of Kellogg’s strategic goal of becoming a global snacks leader, the company has submitted a formal mandatory tender offer file to acquire at least the majority of the shares of Bisco Misr, one of Egypt’s leading biscuit companies, to the Egyptian Financial Supervisory Authority (EFSA),” the spokesperson said.
See Also:
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
