(MENAFN) Abraaj Group said it has decided not to participate in the bidding process for acquiring up to 100 percent of BiscoMisr, an Egyptian baked goods and confectionary maker, Gulf News reported.
Abraaj's last offer was made on December 24, when it increased its offer purchase to USD12.24 per share, which took the total value of the company to USD141.26 million.
Abraaj's last offer also included a provision to allocate shares worth around USD13.94 million towards implementing a long-term employee incentive-giving and retention program to benefit all BiscoMisr staff.
"We expect to see significant investment activity in the country over the coming months given Egypt's attractive underlying growth potential and its recent positive economic traction," Abraaj said in a statement.
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