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Kellogg Co, the world’s biggest breakfast cereal maker, has offered to buy Egyptian cake and biscuit maker Bisco Misr for a total of $127.06 million, the regulator said in a statement.
The offer from the U.S. cereal and snack maker at 79 Egyptian pounds ($11) per share is above the 73 pounds per share offered earlier this month by the UAE’s Abraaj Investment Management.
The regulator said in a separate statement that Abraaj’s attempt to raise its tender offer price this week had been received after Kellogg’s initial offer, requiring it to offer a price two percent above Kellogg’s if it wishes to counter bid.
Source :Reuters
