Kellogg has said it expects to secure 86% of Egyptian snack group Bisco Misr for a total of US$125m.
The US group’s bid of EGP89.86 (US$12.58) per share became the only offer on the table when private equity group Abraaj bowed out of the race. Last week, almost 60% of shareholders agreed to take up the offer but Kellogg indicated it was willing to take full control of the group.
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By the time the offer closed yesterday (12 January) only 14% of shareholders had not tendered their shares, according to information published by the Egyptian stock exchange.
Kellogg said that it expects the shares to be transferred within five Egyptian business days and “no later” than 18 January.
A spokesperson for the group said Kellogg is “excited and delighted” about “the opportunity to work with such iconic brands in the rapidly growing Egyptian market”. Bisco Misr’s brands include Bisco Luxe, Datto, Chico Chico and Bisco Wafers. Bisco Misr also operates three manufacturing facilities in the country.
Kellogg declined to comment further on the deal until the final transfer of shares to Kellogg.
Click here to view just-food’s profile of Bisco Misr and the Egyptian snacks sector and click here to see our timeline detailing the major events in the takeover battle.
