(MENAFN) The bidding war between UAE's Abraaj Investment Management and Kellogg Co, the breakfast cereal maker, with each company continuously outbidding the other for the acquisition of Egypt's Bisco Masr, Gulf Business reported.
The latest stage of the bidding war began with Abraaj raising its offer for the company to USD12 per share, followed by Kellogg, the world's biggest breakfast cereal maker, also raising its offer to USD12.04 per share, marking the third time that Kellogg has outbid Abraaj to take the lead in the USD140 million takeover battle for the Egyptian company.
Both companies have been battling for the company since November, with them both seeing the importance of the food sector in the most populous Arab nation of 86 million people, as well as the value of Bisco Masr with its three baking facilities in Cairo and Alexandria.
Bisco Masr has previously said that 56 percent of its shareholders had agreed to sell to Abraaj, which has about USD7.5 billion of assets under its management, but that the Kellogg's bids have forced the private equity firm to return with higher offers.
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