Dive Brief:
- Abraaj Group says it is withdrawing from the bidding for Egypt's Bisco Misr. The move leaves Kellogg, which increased its bid for the biscuit maker to $144 million Dec. 24, as the last one standing.
- The world's largest cereal company and the Middle East's largest private equity fund have been engaged in a bidding war for the maker of Luxe brand snacks since September.
- Abraaj's surrender comes soon after Egypt's financial regulator extended bidding for the company until Jan. 11.
Dive Insight:
Although the C-suite at Kellogg's headquarters is surely celebrating today, it would be wise for them to note that there's still nearly two weeks left in the newly extended bidding period. New suitors for Bisco Misr may yet emerge.