adminNew York. – Kellogg said it expects to acquire an 85,93 percent stake in Egyptian snack maker Bisco Misr based on the results of its tender offer.
The stake is bigger than expected last month, when Kellogg outbid a private-equity firm for control of Bisco Misr.
At the time, a Kellogg spokesman said the company submitted a bid of 89,86 Egyptian pounds a share, or about $12,57, to acquire a 51 percent stake in Bisco Misr.
The deal valued Bisco Misr at about $144 million.
The deal marks a small step forward in the US food company’s desire for international expansion.
Cairo-based Bisco Misr, which makes Minto-brand candies and Bisco Wafers cookies, reported net profit of 37,4 million Egyptian pounds and revenue of 373,6 million pounds for the nine months through September.
Kellogg said the final bid was 89,86 Egyptian pounds a share.
The final transfer of the share is expected on or around January 18. – Wsj.
Online Reporter