(MENAFN) UAE's Abraaj Investment Management announced it has made a formal offer of USD118.88 million for the purchase of Bisco Misr, one of Egypt's main producers of cakes and biscuits, Gulf Business reported.
Abraaj said that even though its current offer is made for the whole company, that they will accept no less than a 51 percent controlling stake.
Abraaj Investment Management, an affiliate of UAE's Abraaj Capital, the Middle East's largest private equity firm, first made an approach to buy at least 51 percent of Bisco Misr earlier this year.
Last August, Bisco Misr said that they are considering an offer from Kellogg Co, the world's biggest breakfast cereal maker, as well as refusing a takeover bid from Juhayna Foods, Egypt's largest juice maker.
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