U.S. Kellogg said it raised the price of its bid for Egypt’s snack maker Bisco Misr for the second time.
The company said, in a statement to the stock market on Thursday, it raised the bid price to EGP 86.36 per share, with an increase of 2.008% from the last price offered by its rival UAE’s Abraaj at EGP 84.66 per share.
Meanwhile, 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) on Wednesday to approve raising the price of their bid for Bisco Misr to EGP 84.66 per share.
UAE’s Abraaj and U.S. Kellogg have been engaged in a price war over the acquisition of the biscuits producer.
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.
Last year, Bisco Misr received letters of intent for potential takeover by Juhayna, Halwani Bros, but it rejected the buy offers.
Photo Credit: Arabianeye-Reuters