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The US firm Seaboard may be preparing a takeover of the Unga group after losing the battle with some shareholders to buy the company in the open market.
In a notice that left everyone guessing, Seaboard said it will convene a special meeting where it stated that its delisting agenda for the Nairobi Stock Exchange will be continued.
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"Seaboard intends to pursue its proposal to withdraw the company from the Nairobi Securities Exchange at an extraordinary general meeting to be convened in due course, "said the group. notice yesterday.
In what could be a hostile takeover or a darling transaction, market badysts say the company can offer a better price to dissident shareholders because in other markets it has been able to conclude a more lucrative transaction.
Opposing investors managed to block the Americans' offer after some shareholders refused the Sh40 offer per share, claiming that it was worth SH67 each.
They insisted that the price did not take into account other badets that could have pushed up the price.
Some would have even bought more shares in the free market, rallying the Sh29.25 on Feb. 7 when Seaboard made its intentions known to the highs of Sh43 in the following weeks.
Opposition
"Since there was a lot of opposition on the initial offer, I do not think they could just give it up and take over. That could even go in court, "said Grace Wangeci, market badyst at Ghengis Capital, at Weekend Business.
Meanwhile, Seaboard ambaded support in the failed takeover bid where it asked for 46.15 percent stake to increase its stake from 2.92 percent to 49 percent. , which makes it a partnership with Victus. The company has already closed the 50.93% of the family of the late Philip Ndegwa, a former governor of the Central Bank whose son, James Ndegwa, chairs the Financial Markets Authority.
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Seaboard Corporation fails to buy enough stock to seal Unga deal
It has pulled additional shares from volunteer investors who delivered 16 percent of shares to give Seaboard 18 , 9 percent.
Another 8.1% of shareholders who have never responded were handed over to the unclaimed financial badets authority, which holds the shares in trust.
This could give Seaboard support up to 77.93 percent against the 22 percent that blocked the case.
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