Kellogg Outbids Abraaj for Egypt’s Bisco Misr again

Kellogg has raised its bid for Egyptian snack maker Bisco Misr to 86.36 Egyptian pounds per share, topping a rival offer from the UAE’s Abraaj Investment Management by two percent.

The move follows an increased bid by Abraaj that was approved by the regulator on Wednesday. The two companies are engaged in a battle to take over Bisco Misr.

Source: Reuters