Savannah ups Bamburi Cement takeover bid to Kshs 76.55 a share

Savannah Clinker has increased in its takeover offer for Bamburi Cement, from the bid price of Kshs 70 per share to Kshs 76.55 per share.

This means Savannah Clinker is seeking to buy the listed cement maker at Kshs 27.78 billion.

Savannah Clinker, which is owned by Kenyan entrepreneur Benson Sande Ndeta, has upped its offer to Kshs 27.7 billion, including a Kshs 1.8 billion sweetener for all shareholders.

Savannah Clinker, Founder, Benson Sande Ndeta

Tanzanian conglomerate Amsons Group placed a bid of US$180 million (Kshs 23 billion) to acquire the entire Bamburi Cement equity stake.

Key highlights:

  • Accelerated timeline: Savannah Clinker has pledged to make payments within 12 months of the deal’s completion, offering a quicker timeline compared to Amsons Group.
  • Competitive landscape: Both Savannah Clinker and Amsons Group have submitted their formal offers to Bamburi Cement’s board.
  • Board recommendation: Bamburi Cement’s board has deemed both offers as reasonable and advises shareholders to accept either offer.
  • Offer closing date: The closing date for both offers is December 5th, 2024.

Established in 2019, Savannah Clinker Limited is a mining, manufacturing, processing, packaging, marketing, and cement solutions provider.

Savannah Clinker is also developing a limestone extraction and clinker processing plant in Kitui County.

3 thoughts on “Savannah ups Bamburi Cement takeover bid to Kshs 76.55 a share

Leave a Reply

Your email address will not be published. Required fields are marked *