NEW YORK (TheStreet) -- Kellogg (K) shares are down 0.17% to $66.51 in early market trading on Wednesday after private equity firm Abraaj Group withdrew a competing bid for Egyptian snack maker Bisco Misr, the firm announced today.
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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TheStreet Ratings team rates KELLOGG CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate KELLOGG CO (K) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its notable return on equity, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."