Kellogg offers $127M for Egypt confectionery maker

Kellogg Co., the Battle Creek-based producer of breakfast cereals and Pop Tarts, made a $127 million-offer to buy Egyptian confectionery maker Bisco Misr, outbidding competitor Abraaj Group.

Kellogg offered 79 Egyptian pounds ($11.05) a share, according to a statement from the Egyptian Financial Supervisory Authority to the local bourse. Dubai-based investment company Abraaj is offering to buy Bisco for 73.91 pounds a share, valuing the company at $119 million. The EFSA is studying Kellogg’s offer.

Egypt is seeing a pick-up in merger and acquisition activity amid increasing political stability that has helped make its benchmark EGX 30 stocks index among the world’s best performers this year with a 36-percent surge.