Savannah Clinker Limited has withdrawn its competing offer for acquisition of the Bamburi Cement Plc shares today (04 December 2024).
Savannah Clinker Limited had bid Kshs 76.55 per share to takeover Bamburi Cement and was competing with AMSONS Group, which in July 2024 placed an offer of Kshs 65 per share through its Kenyan subsidiary and investment vehicle, Amsons Industries (K) Ltd.
In a notice to shareholders of Bamburi Cement Plc and the public, the Capital Markets Authority (CMA) says Savannah Clinker Limited has withdrawn its competing offer.
“CMA has also approved the withdrawal of the offer in line with the Capital Markets (Takeover and Mergers) Regulations, 2002,” a stamen from CMA read in part.
However, the CMA says Bamburi Cement Plc shareholders either have the option to take the offer from AMSONS Group or remain as Bamburi Cement Plc shareholders.
“Following this development, shareholders of Bamburi Cement Plc who had accepted the offer by Savannah Clinker Limited have until 5.00pm on Thursday, 5 December 2024 to reconsider their decision. Shareholders who do not change their decision will be deemed to have declined the offer by Amsons Industries (K) Limited and remain shareholders of Bamburi Cement Plc,” says the CMA.
“Shareholders who had accepted either of the offers are free to withdraw their acceptance before closure of the offer period at 5.00 pm on Thursday, 5 December 2024. Trading of Bamburi Cement Plc shares will be suspended from 9.00 am on 06 December 2024 to facilitate reconciliation.”
