date:Nov 27, 2014
Abraaj Investment Management has raised its offer to acquire Egyptian cake and biscuit maker Bisco Misr to $129.6m.
The move comes after breakfast cereal maker Kellogg's offered $127.06m for the biscuit producer, Reuters reported.
Abraaj's latest offer of 80.58 per share represents exactly two percent above a bid of 79 from Kellogg's.
Shareholders with 56% stake in Bisco Misr have agreed to sell to Abraaj. However, the bid from Kellogg's forced Abraaj to raise its offer.
Abraaj has started b