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Even with the support of the largest shareholder of the Unga Group mill, the US firm Seaboard still could not withdraw its stake in intractable Kenyans who refused to sell their stake.
In 2002, the American company Victus Limited created a holding group in which Unga Group Ltd owned 65 per cent of the shares and Seabord 35 per cent and used the vehicle to operate subsidiaries.
A long-running war ended on Friday when shareholders with only 16 percent participation agreed and Seaboard chose to take their stake to increase its stake to 18.9 percent.
Seabord offered Sh40 per share for the company whose shares traded at Sh29.5 at the time of the announcement.
Opposition to the operation was immediately seen that the market activity peaked at Sh44 while shareholders felt that the operation was undervalued.
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When the transaction was close to closing, Seaboard asked CMA to extend the deadline by reporting dismal performance on changes in mailing addresses and / or shareholder relocation.
CMA gave them another 10 days to reverse the trend, but they still have not been able to convince some shareholders.
Seaboard now indicates that 8.1 percent of shareholders who have never responded have been handed over to the authority of unclaimed financial badets.
This is the second bid to take control of a company listed on the Nairobi Stock Exchange, which fell flat with shareholders who chose to stay put.
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