UPDATE: Kellogg is now offering 82.2 Egyptian pounds per share ($11.5).
Dive Brief:
- The Abraaj Group again raised its offer to acquire snack-maker Bisco Misr, as its competition for the company with Kellogg isn't slowing down.
- Abraaj is now offering $11.27 per share, up from $11.06 just a few days ago. Because Abraaj's offer earlier this week was received following Kellogg's already in consideraiton, according to Reuters, a new bid would have to be at least 2% higher than Kellogg's. This has now come to fruition, with Abraaj at 80.58 Egyptian pounds vs. Kellogg at 79 Egyptian pounds.
- Reuters notes Kellogg's bidding "is the latest sign that foreign investors could be returning to the market."
Dive Insight:
It will be interesting to see how much more this plays out and how long it will take for one of the bids to finally quell the other. One thing's for sure: no one is giving up without a fight.