Kellogg tops Abraaj offer for Egypt’s Bisco Misr

Cairo: Kellogg Co, the world’s biggest breakfast cereal maker, has offered 908.5 million Egyptian pounds (Dh466.5 million, $127 million) for Egyptian cake and biscuit maker Bisco Misr, setting up a likely bidding war with a UAE investment company. UAE-based Abraaj Investment Management offered 850 million pounds this month for the Egyptian firm, which earlier refused a takeover bid from Juhayna Foods, Egypt’s largest juice maker.

Egypt’s financial regulator said that Abraaj’s attempt to raise its offer price this week had been received after consideration of Kellogg’s initial bid had begun. This means Abraaj would have to offer a new price at least two per cent above Kellogg’s if it wishes to make a counter bid.