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UAE’s Abraaj raises bid for Egypt’s Bisco Misr to EGP84.66/share

UAE’s Abraaj raises bid for Egypt’s Bisco Misr to EGP84.66/share
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Sphinx Obelisk BV and Bisco Invest Trade and Investment, affiliates of UAE’s Abraaj Group, have submitted a request to the Egyptian Financial Supervisory Authority (EFSA) to approve raising the price of their bid for Egypt’s snack maker Bisco Misr to EGP 84.66 per share.
The new bid price is 2.992% higher than the rival bid made by U.S. Kellogg at EGP 82.2 per share.
UAE’s Abraaj and U.S. Kellogg have been engaged in a price war over the acquisition of the biscuits producer. Meanwhile, Mustafa Abdel-Wadood, Managing Director, Abraaj Group, declined on Monday to comment on the media news that the group is considering the withdrawal of its buy offer for Bisco Misr. He told Mubasher, in a phone call that the deal still didn’t go through so he does not want to comment on it.
Economic sources revealed earlier to Sada El-Balad that Abraaj and Saudi Arabia’s Aujan were considering withdrawing their bid for Bisco Misr. EFSA had extended the period for the takeover bid made by Sphinx Obelisk BV and Bisco Invest Trade and Investment for Bisco Misr to December 24 to match the period of rival bidder Kellogg.
Speaking exclusively to Mubasher on Tuesday, Ahmed El Sheikh, GM, North and East Africa, PepsiCo, said his company is not intending to join the race for the takeover of Egypt’s snacks maker Bisco Misr.
Photo Credit: Arabianeye-Reuters