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Kellogg and Abraaj up bids in battle for Egypt's Bisco Misr

2014-12-24 19:11:01| Food - Topix.net

Kellogg Co, the world's largest breakfast cereal maker, once again raised its bid for Egyptian snackmaker Bisco Misr on Wednesday, topping a rival offer from the UAE's Abraaj in an intensifying $144 million takeover battle. Kellogg's latest bid, for 89.86 Egyptian pounds per share, followed an offer earlier in the day by Abraaj Asset Management for 88.09 pounds, the head of Egypt's financial regulator Sherif Samy told Reuters.

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