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FINANCIAL NEWS
Egypt extends period of UAE Abraaj bid for Bisco Misr
10 Dec 2014
(MENAFN) Egypt’s financial regulator said that they have extended the offer period for UAE’s Abraaj Investment Management for Egyptian cake and biscuit maker Bisco Misr to December 24 to match the period of rival bidder Kellogg Co, Arabian Business reported.
Kellogg, the world’s biggest breakfast cereal maker, has twice topped Abraaj’s bids, with the bidding war between Kellogg and Abraaj being viewed as the latest sign foreign investors are returning to the Egyptian market.
Both companies have expressed their interest in Bisco Misr, since it is well-known brand with three baking facilities in Cairo and Alexandria and due to the food market being seen as a fast-growing sector in the most populous Arab nation of 87 million people.
Abraaj, which has about USD7.5 billion of assets under management, has been granted an approval for its bid from 56 percent of Bisco Misr shareholders, but then Kellogg’s bids forced the private equity firm to return with higher offers and then a request to extend its bidding period which would otherwise have ended on December 17.
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