UAE’s Abraaj Investment Management said on Wednesday it would raise its price for Egyptian cake and biscuit maker Bisco Misr to 80.58 Egyptian pounds ($11.27) per share following a counter bid by Kellogg Co.
Abraaj’s initial offer of 73 pounds per share earlier this month was topped earlier on Wednesday by Kellogg’s offer of 79 pounds.
The Bisco Misr takeover battle is part of a recent flurry of mergers and rights issues that has boosted activity on the Cairo bourse, which had struggled to revive investor confidence during more than three years of political and economic turmoil since the Arab Spring uprisings.
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