US-based Kellogg Co, the world’s top breakfast cereal maker, is interested in acquiring at least a 51% in Egypt’s snack maker Bisco Misr, said the Egyptian company in a statement on Sunday.
In this respect, Bisco Misr’s board of directors has approved the due diligence to be conducted by Kellogg for the purpose of acquiring the 51% of the Egyptian company’s shares at least and possibly all of them.
Furthermore Kellogg is also asked declare whether it will submit a mandatory tender offer or not after 5 days from the finish of the due diligence examination or 60 days of the BOD approval on the due diligence examination.
In July, Bisco Misr said Abraaj Investment Management, an affiliate of United Arab Emirates’ Abraaj Capital, had also made an approach to buy at least a 51% in Bisco Misr.
Kellogg’s is an American multinational food manufacturing company headquartered in Battle Creek, Michigan, United States. Kellogg’s produces cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and vegetarian foods.
The company’s brands include Froot Loops, Corn Flakes, Frosted Flakes, Rice Krispies, Special K, and many more.
Kellogg’s products are manufactured in 18 countries and marketed in over 180 countries. Kellogg’s largest factory is at Trafford Park in Manchester, United Kingdom, which is also the location of its European headquarters.