File photo of one of Bisco Misr's shope (Photo: Courtesy of Bisco Misr Facebook page)
Shareholders holding 56 percent of Egyptian snack maker Bisco Misr have agreed to sell their shares to United Arab Emirates-based Abraaj Investment Management, Bisco Misr said.
Abraaj Investment Management, an affiliate of UAE's Abraaj Capital, first made an approach to buy at least 51 percent of Bisco Misr in July, pending a technical study that is now complete, according to Bisco Misr.
The company, one of Egypt's main producers of biscuits and cakes, said in a statement on Sunday that the shareholders had agreed to sell provided that the formal offer came within two working days from Thursday, indicating that a deal could take place on Monday or before.
Dubai-based Abraaj Capital, the Middle East's largest private equity firm, has been pushing to expand in emerging markets. It already owns stakes in Egypt's Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys.
The Bisco Misr statement, which did not provide the financial details of Abraaj's offer, listed the names of eight shareholders that it said had conditionally agreed to sell.
Bisco Misr said in August that Kellogg Co, the world's biggest breakfast cereal maker, had also made a bid approach. The company also earlier refused a takeover bid from Juhayna Foods, Egypt's largest juice maker.
Bisco Misr owns three baking facilities in Cairo and Alexandria.