(MENAFN) UAE's Abraaj Investment Management announced it is planning to raise the price of its offer to acquire stake in Bisco Misr, the Egyptian cake and biscuit maker after Kellogg CO made a counter bid to its offer, Arabian Business reported.
Abraaj's, which made its initial offer for USD10.17 pounds per share, was topped by an offer made by Kellogg's of USD11.01 pounds.
Despite receiving regulatory approval for its bid to acquire share in Bisco Masr earlier this month, Abraaj said that its offer is still conditional until it gets approval to acquire at least 51 percent share in the company.
The Bisco Misr takeover battle has been going for the last three months, with the deal is expected to have a positive effect on reviving Egypt's economy which has been struggling for the last 3 years due to political unrest.
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