U.S.-based Kellogg Co. has launched a mandatory tender offer for up to 11.5 million shares, or 100% in Egyptian confectionary maker Bisco Misr at EGP 79 per share, totaling EGP 908.5 million.
According to the company’s statement posted today, the tender offer will start as of tomorrow, Thursday, November 27, and will run for twenty work days till the close of trading on Wednesday, December 24.
The minimum limit that will be accepted in the bid will be 5.86 million shares, or 51% of Bisco Misr shares.
Egypt’s market regulator had also 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 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.