Kellogg Company To Acquire Majority Stake In Bisco Misr Upon Completion Of Public Mandatory Tender Offer Process
BATTLE CREEK, Michigan, Jan. 12, 2015 / PRNewswire – Kellogg Company (NYSE: K) announced it expects to acquire an 85.93% stake in Bisco Misr based upon the number of shares tendered to the company through the Egyptian Stock Exchange as of the close of Kellogg’s Mandatory Tender Offer yesterday.
Bisco Misr is the number one packaged biscuits company in Egypt. Headquartered in Cairo, Bisco Misr is a publicly-held company listed on the Egyptian Exchange. One of the most recognized baked goods companies in Egypt, Bisco Misr offers such highly popular brands as Bisco Luxe, Datto, Chico Chico and Bisco Wafers. With approximately 3,300 employees and three manufacturing facilities, Bisco Misr has a strong history in the Egyptian market dating back to 1957.
Details of the public Mandatory Tender Offer process
- The public Mandatory Tender Offer process has been under way in Egypt for 3 months and the closure of the process is January 11, 2015.
- The transfer of the shares will be completed within 5 Egyptian business days and no later than January 18, 2015.
- The Kellogg Company final bid offer is EGP 89.86 per share.
Kris Charles, Kellogg Company spokeswoman, confirmed that while Kellogg was excited and delighted about the opportunity to work with such iconic brands in the rapidly growing Egyptian market, it will not offer further details until the final transfer of the shares to Kellogg, expected to be on or around January 18, 2015.
About Kellogg Company
At Kellogg Company (NYSE: K), we are driven to enrich and delight the world through foods and brands that matter. With 2013 sales of $14.8 billion and more than 1,600 foods, Kellogg is the world’s leading cereal company; second largest producer of cookies, crackers and savory snacks; and a leading North American frozen foods company. Our brands – Kellogg’s®, Keebler®, Special K®, Pringles®, Kellogg’s Frosted Flakes®, Pop-Tarts®, Kellogg’s Corn Flakes®, Rice Krispies®, Kashi®, Cheez-It®, Eggo®, Mini-Wheats® and more – nourish families so they can flourish and thrive. Through our Breakfasts for Better Days® initiative, we’re providing 1 billion servings of cereal and snacks – more than half of which are breakfasts – to children and families in need around the world by the end of 2016. To learn more about Kellogg, visit www.kelloggcompany.com or follow us on Twitter @KelloggCompany.
Forward-Looking Statements Disclosure
This news release contains, or incorporates by reference, “forward-looking statements” with projections concerning, among other things, the acquisition of the Bisco Misr business, the Company’s strategy, and the Company’s operating profit, net earnings and debt levels. Forward-looking statements include predictions of future results or activities and may contain the words “expects,” “believes,” “should,” “will,” “anticipates,” “projects,” “estimates,” “implies,” “can,” or words or phrases of similar meaning.
The Company’s actual results or activities may differ materially from these predictions. The Company’s future results could also be affected by a variety of factors, including the realization of the anticipated benefits from the acquisition of the Bisco Misr business in the amounts and at the times expected, the impact of competitive conditions; the effectiveness of pricing, advertising, and promotional programs; the success of innovation, renovation and new product introductions; the recoverability of the carrying value of goodwill and other intangibles; the success of productivity improvements and business transitions; commodity and energy prices; labor costs; disruptions or inefficiencies in supply chain; the availability of and interest rates on short-term and long-term financing; actual market performance of benefit plan trust investments; the levels of spending on systems initiatives, properties, business opportunities, integration of acquired businesses, and other general and administrative costs; changes in consumer behavior and preferences; the effect of U.S. and foreign economic conditions on items such as interest rates, statutory tax rates, currency conversion and availability; legal and regulatory factors including changes in food safety, advertising and labeling laws and regulations; the ultimate impact of product recalls; business disruption or other losses from war, terrorist acts or political unrest; and other items.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to update them publicly.