US-based food manufacturing company Kellogg's has raised its offer to acquire Egyptian cake and biscuit maker Bisco Misr to £82.2 per share.
Kellogg's new offer overtakes Abraaj Investment Management's latest offer of £80.58 per share.
Earlier in November, breakfast cereal maker Kellogg's offered $127.06m for the biscuit producer, Reuters reported.
Abraaj initially offered £73 per share in November which Kellogg's countered with £79.
The government of Egypt has launched a raft of long-delayed reforms in order to attract foreign investors to invest again in the country.
The bids from Kellogg's and Abraaj show that foreign investors are returning to the market.
Earlier this month, Abraaj secured approval from the Egyptian Financial Supervisory Authority to acquire 51% stake in Bisco Misr for $119m.
Bisco Misr then said that it was still possible for interested parties to bid for the acquisition.
With three baking facilities in Cairo and Alexandria, Bisco Misr manufactures and sells baked goods and confectionery in Egypt. It offers biscuits, wafers, seasonal products, corn flakes, cakes, and mint candies.
Image: Bisco Misr offers biscuits, wafers, seasonal products, corn flakes, cakes, and mint candies. Photo: courtesy of Mister GC / FreeDigitalPhotos.net.
