In July, Abraaj Group announced it intended to acquire at least 51% and up to 100% of the Bisco Misr shares through issuing a mandatory tender on the Egyptian Stock Exchange (EGX).
The completion of the proposed transaction was awaiting the approval of the Egyptian Financial Supervisory Authority (EFSA).
Following this announcement, Saudi food producer Savola Group also announced making an approach to acquire at least 51% stake in Bisco Misr.
Abraaj also announced in July its plans to issue a purchase offer to Amoun Pharmaceuticals Company with a value averaging between EGP 700m and EGP 800m. In the same month, the company also submitted two tender offers, one for Cairo Medical Center (CMC) and another for Cairo Investment and Real Estate Development (CIRA), both listed on the EGX.
In a similar move, the EFSA approved in June an offer submitted by a Beltone-Sawiris alliance to acquire 20% of the EFG-Hermes. However, the acquisition was not completed as the alliance refused the rate offered for purchase.
Mergers and acquisitions transactions in the Middle East have grown by 250% in the second quarter (Q2) of 2014 compared to the previous quarter, recording a value of $14bn. The figures come as part of a Thomson Reuters’ quarterly investment banking analysis on the Middle East, published in July.
The report noted that this is the highest registered quarterly value since Q1 2011. However, on a larger scale, it added that the value of M&A deals during the first half (1H) of 2014 has declined 4% from the same period in 2013, highlighting $19.7bn in total.
Abraaj Group is a private equity investor with $7.5bn in assets, operating through more than 25 offices in Asia, Africa, Latin America and the Middle East.