Egypt extends period of Abraaj bid for Bisco Misr to match Kellogg's

Egypt's financial regulator on Thursday extended the offer period for UAE's Abraaj Investment Management for Egyptian cake and biscuit maker Bisco Misr to December 24 to match the period of rival bidder Kellogg Co.

Kellogg, the world's biggest breakfast cereal maker, has twice topped Abraaj's bids. Kellogg is now offering 82.2 Egyptian pounds ($11.50) per share compared with Abraaj's bid of 80.58 pounds ($11.27).

The bidding war is part of a flurry of mergers and rights issues on the Cairo bourse, an exchange which has struggled to revive investor confidence during the political and economic turmoil that followed popular uprisings in 2011.