The Egyptian Financial Supervisory Authority has cleared a bid from Abraaj Investment Management for the takeover of local snacks group Bisco Misr.

In a stock exchange filing today (18 November), Bisco Misr said the affiliate of private-equity firm Abraaj Capital had got the go-ahead to start buying shares this Thursday at EGP73.91 (US$10.32) per share – a total of EGP850m. Purchase completion is expected for 17 December.

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According to Reuters, Bisco Misr has said it is still possible for competing offers to be made. The news wire also said Bisco Misr had confirmed on 2 November that shareholders holding 56% of the company had agreed to sell to Abraaj.

No-one was immediately available at Bisco Misr to comment further when approached by just-food today.

Kellogg had been linked with the firm in August with Bisco Misr saying it was looking at acquiring 51% of shares. Kellogg did not comment at the time when approached. 

Last June, Bisco Misr rejected takeover advances from Juhayna Food Industries.

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