The world's largest cereal maker Kellogg Co. has made a new offer to acquire Egypt's Bisco Misr, the latest move in a bidding war with a Dubai-based investment firm over the acquisition of the confectionery maker.
Kellogg offered LE82.2 per share for a 100 percent stake in the snack-maker, valuing the company at LE948.4 million, according to a statement from the Egyptian Financial Supervisory Authority to the stock exchange on Sunday.
Kellogg's offer is 2 percent higher than the LE80.58 offered last week by Abraaj, itself 2 percent above the LE79 previously offered by Kellogg.
Both bidders are seeking to acquire 100 percent or a 51 percent controlling stake in Bisco Misr, a well-known brand in the Arab world's most populous country.
The race for the acquisition on the biscuits and cakes maker is the latest sign of a revitalised financial market after nearly four years of political turmoil, with Egypt's benchmark index seeing a 37 percent rise since the start of 2014.
Founded in 1957, Bisco Misr produces over 90 varieties of biscuits and cakes, with one facility in Cairo and two in Alexandria.
The company recorded a net profit of LE62.7 million in the financial year ending in December 2013, up from LE41.4 million in the previous year.