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Will Kellogg (K) Stock be Helped Today Following Winning Bid for Bisco Misr?

2015-01-01 06:37:27| Agriculture - Topix.net

While Abraaj did not give a specific reason for the withdrawal of its offer, its last bid of 88.09 Egyptian pounds per share, or about $142 million, was trumped by Kellog's offer of 89.86 Egyptian pounds per share. On Monday, Egypt's financial regulator extended the bidding period for the company to January 11. The bidding war between the two company's had driven up the company's purchase price by about 20% from the original 73.91 pounds per share offer.

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