• Friday, July 12, 2024
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BusinessDay

Egypt’s Bisco Misr shareholders agree to sell stake to Kellogg

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Egypt’s Bisco Misr said on Tuesday shareholders controlling nearly 60 percent of the company had agreed to sell to the world’s largest breakfast cereal maker, Kellogg, sealing its victory in an $87 million takeover battle.

Shareholders controlling 59.91 percent of the company’s shares had agreed to sell at 89.86 pounds per share, Bisco Misr said in a statement.

Emerging markets private equity firm Abraaj said last week it would withdraw from a bidding war with Kellogg that had driven up the offer price by more than 20 percent.