US-based food manufacturing company Kellogg's has once again raised its offer to acquire Egyptian cake and biscuit maker Bisco Misr to £89.86 per share, in an increasing $144m takeover battle.
Kellogg's new offer overtakes Abraaj Asset Management's latest offer of £88.09 per share, Reuters reported.
Abraaj and Kellogg's have been battling to acquire the biscuit maker since last month.
The bids from Kellogg's and Abraaj show that foreign investors are returning to the market.
The bidding period, which was supposed to end on 24 December, has been extended over the weekend to 31 December.
Both Kellogg's and Abraaj are bidding for 100% shareholding of Bisco Misr, and both have announced that they would accept no less than a 51% controlling stake.
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.
