UAE’s Abraaj Investment Management has made a formal offer of 850 million Egyptian pounds (Dh436.6m) for 100 per cent of Bisco Misr, one of Egypt’s main producers of cakes and biscuits, the regulator said in a statement.
Abraaj’s offer was 73.91 pounds per share, lower than Bisco Misr’s closing price of 79.80 pounds on Sunday. The offer is for the whole company but Abraaj will accept no less than a 51 percent controlling stake, the statement said.
business@thenational.ae
Follow The National's Business section on Twitter
