Kellogg raises bid price for Bisco Misr

The US-based Kellogg Co., world's largest cereal maker, has made a new offer to acquire Egypt's Bisco Misr, said the General Authority for Financial Control (GAFC).
In a statement, obtained by MENA, the GAFC said that Kellogg offered 82.2 pounds per share for a stake in the snack-maker, valuing the company at 950 million pounds.
Earlier, Kellogg had launched a mandatory tender offer for up to 79 pounds per share for a stake in Bisco Misr.
Bisco Misr, a well-known brand, produces over 90 varieties of biscuits and cake with three baking facilities in Cairo and Alexandria.