Kellogg Company, the world’s biggest cereal maker, announced it expects to acquire an 85.93% stake in Egypt’s Bisco Misr based upon the number of shares tendered to the company through the Egyptian Stock Exchange as of the close of Kellogg’s Mandatory Tender Offer yesterday.
Bisco Misr is the number one packaged biscuits company in Egypt. Headquartered in Cairo, Bisco Misr is a publicly-held company listed on the Egyptian Exchange. One of the most recognized baked goods companies in Egypt, Bisco Misr offers such highly popular brands as Bisco Luxe, Datto, Chico Chico and Bisco Wafers. With approximately 3,300 employees and three manufacturing facilities, Bisco Misr has a strong history in the Egyptian market dating back to 1957.
Details of the public Mandatory Tender Offer process
- The public Mandatory Tender Offer process has been under way in Egypt for 3 months and the closure of the process is January 11, 2015.
- The transfer of the shares will be completed within 5 Egyptian business days and no later than January 18, 2015.
- The Kellogg Company final bid offer is EGP 89.86 per share.
In a statement on Monday, Kris Charles, Kellogg Company spokeswoman, confirmed that while Kellogg was excited and delighted about the opportunity to work with such iconic brands in the rapidly growing Egyptian market, it will not offer further details until the final transfer of the shares to Kellogg, expected to be on or around January 18, 2015.