(MENAFN) The bidding war between UAE's Abraaj and Kellogg Co, the world's largest breakfast cereal maker, continues to intensify to acquire the USD144 million worth Egyptian snack maker Bisco Misr as both companies said that they raised their bids for the company, Arabian Business reported.
The rise in the bids was started by Abraaj, which upped its bid to reach USD12 per share, which was then followed by another offer by Kellogg that said it is ready to pay USD12.57 per share, according to Egypt's Financial Regulation.
The battle between Abraaj , the Middle East's largest private equity firm and Kellogg have been going on since last month, when the US group first made its deal to snap up the Egyptian cake and biscuit maker.
Both companies have been vocal about their desire to acquire Bisco Masr, with Kellogg hoping that acquiring Bisco Misr would give it a high-profile presence in the Arab world's most populous nation, while Abraaj saying that this acquisition is a continuation for its investments in Egypt since it has been active in the country for almost a decade.
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