18 Dec 2014
(MENAFN) The bidding war between UAE’s Abraaj Investment Management and Kellogg Co, the breakfast cereal maker, with each company continuously outbidding the other for the acquisition of Egypt’s Bisco Masr, Gulf Business reported.
The latest stage of the bidding war began with Abraaj raising its offer for the company to USD12 per share, followed by Kellogg, the world’s biggest breakfast cereal maker, also raising its offer to USD12.04 per share, marking the third time that Kellogg has outbid Abraaj to take the lead in the USD140 million takeover battle for the Egyptian company.
Both companies have been battling for the company since November, with them both seeing the importance of the food sector in the most populous Arab nation of 86 million people, as well as the value of Bisco Masr with its three baking facilities in Cairo and Alexandria.
Bisco Masr has previously said that 56 percent of its shareholders had agreed to sell to Abraaj, which has about USD7.5 billion of assets under its management, but that the Kellogg’s bids have forced the private equity firm to return with higher offers.
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more