Shareholders of Bisco Misr, Egypt’s largest sweet snack maker, are leaning towards accepting a buyout offer from US cereal producer, Kellogg’s, following an approved offer from what Abraaj tabled earlier this week.

Kellogg’s is offering shareholders LE79 ($11.05) per share which totalled $127 million, $8 million more than the $119 million Abraaj tabled for the company. A majority of Bisco Misr’s, more than 60 percent, are now keen to accept Kellogg’s offer, thereby ditching Abraaj despite accepting its offer just a few days ago.

Egypt’s financial regulator, Egyptian Financial Supervisory Authority (EFSA), said it is currently studying the Kellog’s offer.  It is similar to the terms Abraaj tendered, which required the acquisition of at least 51 percent of Bisco’s shares.

A spokesperson for Kellogg’s said the bid is part of the company’s strategic goal of becoming a global snacks leader.

Egyptian confectionery maker, Bisco Misr is one of the leading confectionery business in North Africa. The company currently has three facilities in Egypt where it produces about 100 different brands of biscuit, cereal and cake.

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