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U.S. Kellogg completes due diligence, bids for Bisco Misr

U.S. Kellogg completes due diligence, bids for Bisco Misr
BiscoMisr
BISM
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Egypt’s snack maker The Egyptian Company for Foods (Bisco Misr) announced 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.
Shareholders approved selling their owned shares through the mandatory tender offer, provided that such a tender offer is made today or tomorrow Thursday, November 20 and 21.
Shareholders also reiterated their commitment to their responsibilities as per an agreement signed with Sphinx Obelisk BV and Bisco Invest Trade and Investment, affiliates of UAE’s Abraaj Group, posted on EGX website on November 2, which included Abraaj plan to buy 11.5 million shares in Bisco Misr at EGP 73.91 each, totaling EGP 849.96 million.
The agreement allows Bisco Misr shareholders to sell their equities to any other party that offer a higher price.
Bisco Misr had received letters of intent last year from Juhayna and Halwani Bros but it rejected the takeover bids.