(2014-11-27) Financial regulator approves Abraaj request to raise offer for Bisco Misr
Egyptian financial regulator have given the go-ahead to Abraaj Investment Management to adjust its bid for Egypt's Bisco Misr (BISM) to LE80.58 per share, 2% over Kellogg's offer of LE79 per share. EFSA's Head of Central Department for Corporate Finance Sayed Abdel Fadeel told AlMal newspaper that if Kellog raised its offer in the coming period it will have to be 2% above Abraaj's offer, and a 60 days deadline from the date of approval of the first offer will be put for the two companies to bid. This step will be followed by a sealed envelope bid between the two companies under the supervision of the Egyptian financial supervisory authority (EFSA), were the highest price will be chosen and will have a 5 day term.