Kellogg's, the world's largest cereal maker, has received regulatory clearance for its offer to acquire Egyptian confectionery maker Bisco Misr.
In a statement to the stock exchange, the Egyptian Financial Supervisory Authority said it did not object to the Michigan-based company's LE79 per share offer to buy at least 51 percent of Bisco Misr.
Bisco Misr shareholders have not disclosed if they are still considering Kellogg's offer after Dubai-based investment company Abraaj Group made a higher bid on Sunday. It offered to buy the company at LE79.1 per share, valuing the company at LE909.7 million.
Founded in 1957, the confectionery maker produces over 90 varieties of biscuits and cakes, with one facility in Cairo and two in Alexandria.
Bisco Misr recorded a net profit of LE37.4 million in the first nine months of 2014, down 16 percent from LE44.4 million in the same period of the previous year.
The snack maker’s net profit for the financial year ended in December 2013 was LE62.7 million, up from LE41.4 million in the previous year.