The Egyptian Financial Market Authority (EFSA) announced that it received a request from Sphinx Obelisk BV and Bisco Invest Trade and Investment, affiliates of UAE’s Abraaj Group, to raise the price of their mandatory tender offer for The Egyptian Company for Foods (Bisco Misr) to EGP 79.1 per share from EGP 73.91 per share, thus lifting the bid’s total value to nearly EGP 909,650,000.
The market regulator had approved a request received from Sphinx Obelisk BV and Bisco Invest Trade and Investment, to submit a mandatory tender offer buy 11,500,000 shares, or 100% of Bisco Misr at EGP 73.91 per share with a total of EGP 850 million approximately with a minimum of 5,865,000 shares representing 51% of the company's shares and the offer is currently under study by EFSA.
EFSA received on Thursday a mandatory tender offer from U.S. firm Kellogg Co. for up to 11,500,000 shares, or 100% in Egypt’s snack maker.
The market regulator added that the buy offer will be carried out at EGP 79 per share, totaling EGP 908.5 million, with a minimum limit of 5,865,000 shares, or 51% in the target company.
Bisco Misr said earlier that shareholders owning 56% in the company were notified by U.S. firm Kellogg that the latter completed due diligence on the company and plans to launch a mandatory tender offer for 100% of the company’s shares at a minimum of 51% of capital. Bisco Misr had received letters of intent last year from Juhayna and Halwani Bros but it rejected the takeover bids.