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FINANCIAL NEWS
Bisco Misr agrees to sell stake to Kellogg
07 Jan 2015
(MENAFN) Egyptian Bisco Misr shareholders announced that they have agreed to sell to sell a controlling stake in the company to Kellogg, the world’s largest breakfast cereal maker, thus bringing an end to the bidding battle between the company and UAE’s Abraaj, The Peninsula Qatar reported.
The USD87 million takeover battle has ended after Abraaj, the private equity firm announcing last week that it would withdraw from a it after the battle resulted in the offer price of the company to increase by over 20 percent.
Shareholders controlling 59.91 percent of the firm’s shares agreed to sell their stake for a total of just under USD87 million.
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