|Bisco Misr makes biscuits, cakes and wafers.|
BATTLE CREEK, MICH. — The Kellogg Co. is on the verge of acquiring an 85.93% stake in Bisco Misr, Cairo, a maker of biscuits, cakes and wafers. The purchase price will be approximately $12.57 per share, for a total of $125 million.
Kellogg has been bidding in a mandatory public tender process for Bisco Misr through the Egyptian Stock Exchange that has gone on for three months. At the close of the bidding process on Jan. 11, Kellogg was determined to be the highest bidder.
With three manufacturing plants in Egypt, one in Cairo and two in Alexandria, Bisco Misr has 3,300 employees and markets such brands as Bisco, Luxe, Datto and Chico Chico.A spokesman for Kellogg said the company would not offer additional comment on the transaction until after the Bisco Misr shares had been transferred, which is expected to take place on or around Jan. 18.