The quest to acquire leading Egyptian sweet snack maker, Bisco Misr, is set to linger on as the bidding war by emerging markets focused investment group, Abraaj, and world’s largest breakfast cereal maker, Kellogg’s, rumbles on.

It was reported by Reuters that Kellogg’s returned on Wednesday with an improved bid of $144 million, offering 89.86 Egyptian pounds ($12.57) per share. This is a response to an earlier tender of 88.09 pounds made by Abraaj.

Bidding war

Abraaj and Kellogg’s have been locked in a battle for Bisco Misr since November. Though Abraaj first indicated interest in securing the Egyptian biscuit, cake, and cereal maker, Kellogg’s swiftly pounced on the opportunity after it learnt that the bid had been made open to all interested investors.

Since Abraaj’s initial offer of 73.91 pounds per share, both companies have tabled four bids each, raising the valuation of Bisco to more than 20 percent.

Why the fuss?

“Kellogg hopes acquiring Bisco Misr would give it a high-profile presence in the Arab world’s most populous nation,” a report by Reuters read. With an booming population of over 87 million people – the third largest in Africa – makes for an attractive food market. Kellogg’s is keen to exploit this opportunity to grow its presence across emerging markets.

Also, the Egyptian market offers a window to both the Northern African market and the Middle East, a vastly lucrative space to capture for any investor like Abraaj.