|12-29-2014, 11:23 PM||#1|
Abraaj and Kelogg now have until Jan 11 to settle their bidding war for Bisco Misr
The bidding period for Bisco Misr, the subject of a takeover war between Dubai-based Abraaj Asset Management and the world’s largest breakfast cereal maker Kellogg, has been extended until January 11, Egypt’s financial regulator said on Sunday.
The $144 million standoff between Abraaj and Kellogg has been going on since last month to snatch the Egyptian biscuit and cake maker, and has seen each party make four offers, which resulted to increase the bid price by more than 20% from Abraaj’s opening bid of EPG73.93 ($10.33).
Kellogg upped its bid on Wednesday to top an offer from the Middle East’s largest private equity firm.
The acquisition battle for Bisco Misr is only a part of a recent wave of mergers and acquisitions and rights issues that had driven up the activity on the Cairo Bourse in the wake of heightened interest in North Africa corporate assets.
Egypt’s stock market has been struggling to reinvigorate investor sentiment after nearly three years of political and economic turmoil after the Arab Spring uproars.
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