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

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.