Kellogg Offers $127 Million for Egypt Confectionery Maker
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Kellogg Co., the American producer of breakfast cereals and Pop Tarts, made a $127 million-offer to buy Egyptian confectionery maker Bisco Misr, outbidding competitor Abraaj Group.
The Battle Creek, Michigan-based company offered 79 Egyptian pounds ($11.05) a share, according to a statement from the Egyptian Financial Supervisory Authority to the local bourse. Dubai-based investment company Abraaj is offering to buy Bisco for 73.91 pounds a share, valuing the company at $119 million. The EFSA is studying Kellogg’s offer.