We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 24 Dec 2014 04:48 PM

Font Size

- Aa +

Dubai's Abraaj seeks to raise bid for Egypt's Bisco Misr

Private equity firm aims to top a rival bid by Kelloggs as deadline for takeover of the snack maker looms

Dubai's Abraaj seeks to raise bid for Egypt's Bisco Misr

UAE-based Abraaj Investment Management is seeking regulatory approval to raise its bid for Egypt's Bisco Misr to 88.09 Egyptian pounds a share, aiming to top a rival bid by Kellogg Co. as the deadline for the takeover of the snackmaker loomed.

Abraaj said in a statement on Wednesday it had submitted a request valuing Bisco Misr at 1.013 billion pounds ($141.68 million) to Egypt's financial regulator, but it was not clear whether it had been accepted.

The bidding war is part of a flurry of mergers and rights issues boosting activity on the Cairo bourse.

Arabian Business: why we're going behind a paywall

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.