60% of Bisco Misr shareholders approve sale to Kellogg

CAIRO: Bisco Misr, Egypt’s cake and biscuit manufacturer announced in a Tuesday statement to the Egyptian Exchange (EGX) that roughly 60 percent of shareholders have agreed to sell 100 of their stake to Kellogg’s for 89.86 EGP ($12) per share.

According to the Egyptian Financial Supervisory Authority’s (EFSA) regulations, the deadline for finalizing the transaction was scheduled for Jan. 11.

“The company (Bisco Misr) has received notifications late Monday from shareholders, approving the full sale of their stocks in the company to Kellogg which provided the highest purchase price (89.86 EGP) per share,” the statement read.

The UAE’s Abraaj and Kellogg were competing for the acquisition deal, but the former announced Wednesday that it would withdraw from the deal without disclosing any details.

Abraaj had bid earlier to buy 100 percent of Bisco Misr for 88.09 EGP/share ($142 million for the full sale), but Kellogg raised its offer to 89.86 EGP/share.

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