Kellogg Set to Win Egypt’s Bisco Misr Bid as Abraaj Opts Out - Bloomberg

Kellogg Set to Win Egypt’s Bisco Misr Bid as Abraaj Opts Out - Bloomberg:



"Buyout firm Abraaj Group said it withdrew from bidding for Bisco Misr after U.S. rival Kellogg Co. (K) submitted a higher offer for the Egyptian biscuit maker. 




The U.S. food producer offered 89.86 Egyptian pounds a share for Bisco Misr on Dec. 24, the same day that Abraaj had offered 88.09 pounds a share. Kellogg’s offer values Bisco Misr at 1.03 billion pounds ($144 million).



The private equity firm’s decision ends a two-month takeover battle in which the offer price has increased about 22 percent from Abraaj’s initial bid of 73.91 a share in November. Bisco, which earlier turned down offers from Juhayna Food Industries and Saudi Arabia’s Halwani Bros., owns three factories, where it produces biscuit Luxe and a variety of cakes and wafers."



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