Last Update 14:25
Thursday, 19 September 2019

Egypt extends period of Abraaj bid for Bisco Misr to match Kellogg's

Reuters , Tuesday 9 Dec 2014
Bisco Misr
Bisco Misr (Photo: biscomisr.com)
Share/Bookmark
Views: 1946
Share/Bookmark
Views: 1946
 
Kellogg, the world's biggest breakfast cereal maker, has twice topped Abraaj's bids. Kellogg is now offering 82.2 Egyptian pounds ($11.50) per share compared with Abraaj's bid of 80.58 pounds ($11.27).
 
The bidding war is part of a flurry of mergers and rights issues on the Cairo bourse, an exchange which has struggled to revive investor confidence during the political and economic turmoil that followed popular uprisings in 2011.
 
Egypt's government this year launched a raft of reforms aimed at luring back foreign investors and shoring up growth while cutting a ballooning deficit.
 
The competing offers from Kellogg and Abraaj are the latest sign foreign investors are returning to the market.
 
Food is seen as a fast-growing sector in the most populous Arab nation of 87 million people and Bisco Misr is a well-known brand with three baking facilities in Cairo and Alexandria.
 
Abraaj, which has about $7.5 billion of assets under management, typically invests in high-growth sectors in emerging markets.
 
While shareholders with 56 percent of Bisco Misr agreed to sell to Abraaj, Kellogg's bids have 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.
 
Abraaj declined to comment on the decision, and officials from Kellogg were not immediately available to comment.
 
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.