Dive Brief:
- Kellogg Company is expected to acquire an 85.93% share in Bisco Misr pending the close of Kellogg's public Mandatory Tender Offer yesterday.
- The official percentage will be based on how many shares the Egyptian Stock Exchange will tender to Kellogg.
- Kellogg's final bid offer for Bisco was EGP 89.86 per share.
Dive Insight:
This pending acquisition has been in the works for months, since Kellogg entered a bidding war with The Abraaj Group, the largest private equity firm in the Middle East. To increase the attractiveness of its bid, Kellogg unveiled its plans for the company, which included not laying off current Bisco employees. The bidding period was extended, but Abraaj eventually bowed out at the tail end of 2014, leaving Kellogg to claim Bisco, which controls three factories in the Middle East and the Luxe brand of biscuits.