UAE-based Abraaj Investment Management has won regulatory clearance for its E£850 million ($119 million) offer for Bisco Misr, one of Egypt’s main producers of cakes and biscuits.
Abraaj Investment Management, an affiliate of UAE’s Abraaj Capital, the Middle East’s largest private equity firm, will begin buying shares of Bisco Misr on Thursday and aims to complete its purchases by December 17, Egypt’s stock market regulator said on Tuesday. Bisco Misr said in a statement it was still possible for competing offers to be made, thought it had said on November 2 that shareholders holding 56 percent of the snack maker had agreed to sell to Abraaj.
Abraaj is offering E£73.91 per share in cash, conditional on receiving acceptances representing at least 51 per cent of the target company’s equity.
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Local business2 months ago