The Egyptian Financial Supervisory Authority (EFSA) has approved 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 80.58 per share, which is 2% higher than the bid price received from U.S. Kellogg at EGP 79 per share.
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.