U.S. Kellogg Completes Due Diligence to Acquire Egypt’s Bisco Misr

Egyptian snack maker Bisco Misr (BISM.CA) announced on Thursday Kellogg’s completed its due diligence and intends to acquire the company.

The firm received a notification from shareholders holding 56% of the snack regarding the U.S. company’s completion of the due diligence and intention to submit a mandatory tender offer for at least 51% of the company.

UAE-based Abraaj Investment won regulatory clearance for its EGP 850 million offer for Bisco Misr in Nov 18.

The Emirati firm is offering EGP 73.91 per share, conditional on receiving acceptances of at least 51% of Bisco Misr shares.

Kellog co, the world’s biggest breakfast cereal maker also made a bid approach for the company on Aug 31.

Saudi Arabia’s Savola Group Made a similar move. However, the firm later shelved the bid.

Bisco Misr owns three main facilities, one in Cairo, two in Alexandria.