Kellogg has increased its takeover bid for Bisco Misr

Kellogg has increased its takeover bid for Bisco Misr

Kellogg has outbid private equity firm Abraaj in the race to acquire Egyptian snack firm, Bisco Misr.

The cereal giant sent a request to the Egyptian Financial Supervisory Authority to update its bid to EGP82.2 (US$11.49) from an earlier offer of EGP79 per share.

Abraaj had raised its offer from EGP73.91 initially, to EGP79.1 and then EGP80.58 which it offered on Thursday (26 November).

Bisco Misr had previously attracted bids from Saudi's Savola Group and Juhayna Food Industries.

Check out just-food's profile on the biscuit maker.