The Abraaj Group has made a mandatory tender offer of EGP850 million ($119 million) to acquire Egypt's BiscoMisr (EGX: BISM), a producer of biscuits and cakes, according to reports. The offer is for 100% equity in the company, and the firm has said it won't accept less than a 51% stake. Shareholders representing 56% ownership in BiscoMisr have already agreed to sell. Abraaj first pursued a controlling stake in the company, which operates three facilities in Alexandria and Cairo, back in July. Savola Group was also rumored to be interested in a majority investment, but dropped its bid in late September.