Edita has expressed interest in acquiring Egypt’s Bisco Misr

Edita is reportedly interested in Bisco Misr: Snackmaker Edita Food Industries has reportedly expressed interest in acquiring Egypt’s largest biscuit company Bisco Misr, currently owned by American cereal and snack maker Kellanova (FKA Kellogg Company), Al Mal reports, citing sources it says are in the know. Edita representatives refused to comment on the matter when Enterprise reached out yesterday and we have been unable to independently confirm the story.

Early stages: Edita is yet to submit an official offer or take any tangible steps towards acquiring the company, Al Mal cites its sources as having said.

Kellanova could be looking to offload its entire stake: Kellanova, which acquired 86% of Bisco Misr back in 2015, is looking to exit the company, the paper said.

Advisors: Accounting giant Ernst & Young could be tapped to manage the potential transaction, Al Mal added.

More M&As in the pipeline? The central bank’s decision to float the EGP, unifying the exchange rates in the process, could usher in a fresh wave of M&A activity now that buyers and sellers alike are clear about the price at which they’re transacting in USD terms.

PROGRESS ON CITY LAB ACQUISITION-

GCC alliance signs MoU for 25% of City Lab: Medical diagnostic services company City Lab Egypt has inked an MoU with a Gulf consortium of medical companies that includes Premium Diagnostics’ Saudi, Emirati, US, and Egyptian arms to buy up to a 25% stake in the company for EGP 250 mn, Al Mal reports. The acquisition will see the Gulf consortium work with City Lab to expand its activities.

What’s next? City Lab and the buyers have agreed to appoint their independent financial advisors to evaluate the alliance companies.