The Abraaj Group, a leading investor operating in global growth markets, has announced that it will not continue to participate in the bidding process for the acquisition of up to 100 per cent of the share capital of Egypt-based BiscoMisr, a leading baked goods maker.

Abraaj’s latest offer, through one of its funds, for the acquisition of the company was made on December 24, when it further increased its offered purchase price per share to EGP 88.09 ($12.28), amounting to a total purchase price for the company of EGP1.013 billion ($141.2 million), Abraaj said in a statement.

Abraaj’s latest offer also included a provision to allocate shares with a value of around EGP100 million ($13.9 million) towards implementing a long term employee incentivisation and retention program to benefit all BiscoMisr employees, the statement said.

Further to Abraaj’s last offer, Kellogg has increased its own offer price to EGP 89.86 ($12.53) per share, according to the statement.

Abraaj believes that the employees and various stakeholders of BiscoMisr have built a strong brand and a company with strong future potential, the statement said.

Abraaj wishes BiscoMisr and Kellogg success, and trusts that Kellogg will, following the successful completion of its tender offer, continue to preserve and grow this Egyptian national icon, and invest in the professional development of BiscoMisr’s employees, who are the key pillar of the company’s past and future success, the statement added.

Abraaj believes that the fair, orderly and transparent bid process for BiscoMisr clearly validates the growing investor interest in Egypt, the company statement noted. – TradeArabia News Service