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According to the author
The Delaware Seaboard Corporation conglomerate failed in its attempt to buy the Unga group after the multinational failed to gain the support of shareholders holding a minimum combined stake of 75
This is the second failed public tender offer of Nairobi Securities Exchange (NSE) after a section of minority investors in Express Kenya rejected an offer to buy the General Manager Hector Diniz.
million. Diniz and Seaboard were accused of attempting to buy the respective companies cheaply, with both acquirers refusing to raise their bids in the controversial offers offered.
Unga, for example, was found to be worth up to 67.19 Sh per share while Seaboard made an offer The multinational received acceptances representing 12.1 million shares or a stake of 16.05% in Unga, thus increasing its existing equity by 2.92% and 50.93% Philip Ndegwa's family with whom she was working in concert to remove the Unga from the NSE
What brings the total to 69.9%, which is below the minimum target of 75%.
The failure of the public offer of purchase means that Unga will keep its listing on the NSE. #ticker: NSE
Those who have accepted the Seaboard offer could still be paid at the Sh40 offer price per share or a total of 486 million Sh if the multinational receives a waiver of the terms of l & # 39; OPA. 19659004] The conglomerate reported its intention to resume the 12.1 million shares despite the fact that Unga is not removed from the list.
"A new announcement regarding the offer will be published in due course," Seaboard said in a public notice.
In a circular to shareholders, the multinational said the takeover conditions could be lifted, allowing it to buy the shares submitted.
"In case of waiver of a condition, appropriate notices will be given to the CMA., The NSE and a public notice of such waiver will be published in two English-language dailies with national circulation. in Kenya within 24 hours of renunciation ", reads part of the flyer
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