Middle East private-equity firm Abraaj has pulled out of the running to acquire Egyptian snack firm Bisco Misr.
On Wednesday (31 December), Abraaj announced said it “decided that it will not continue to participate” in the takeover battle with Kellogg.
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On 24 December, Abraaj raised its offer for Bisco Misr to EGP88.09 (US$12.32) per share, up from the EGP84.66 a share it tabled a week earlier. Kellogg subsequently topped Abraaj’s new bid, making an offer of EGP89.96 per share.
“Abraaj believes that the employees and various stakeholders of Bisco Misr have built a strong brand and a company with strong future potential. Abraaj wishes BiscoMisr and Kellogg success, and trusts that Kellogg will, following the successful completion of its tender offer, continue to preserve and grow this Egyptian national icon,” the investment company said in a statement.
Abraaj made its first move for Bisco Misr in November but that prompted rival interest from Kellogg.
Check out just-food’s timeline for how the tussle for Bisco Misr has developed.
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