Dubai-based investment company Abraaj has made a new offer to purchase Egyptian confectionery maker Bisco Misr, topping an existing offer from Michigan-based Kellogg co.

Abraaj offered LE80.58 per share, valuing the company at LE929.7 million, the Egyptian Financial Supervisory Authority said in statement to the stock exchange on Wednesday. This is two percent higher than Kellogg's last bid of LE79 per share.

An apparent bidding war started last week when Kellogg, the world's largest cereal maker, topped Abraaj's initial offer of LE73.91 per share. Bisco Misr had earlier rejected a takeover bid from Juhayna Foods, Egypt's largest listed juice and dairy producer.

The Egyptian market is seeing an influx of mergers and acquisitions after four years of economic stagnation triggered by a 2011 popular uprising. The benchmark EGX30 index has gained 36 percent since the beginning of 2014.

Founded in 1957, Bisco Misr produces over 90 varieties of biscuits and cakes, with one facility in Cairo and two in Alexandria.

It 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.