The Bamburi Cement PLC Shareholders Circular is out and offers a clear on the two ready takeovers.
It provides details about the two takeover offers for Bamburi Cement PLC by Amsons Industries (K) Ltd and Savannah Clinker Limited.
Key points:
- Offers Overview:
Amsons is offering Ksh 65 per share, while Savannah Clinker is offering Ksh 76.55 per share.
Shareholders can only accept one of the two offers, and both offers are set to close by December 5, 2024.
- Conditions:
Amsons’ offer is subject to regulatory approvals and conditions under Kenya’s Mining Act, while Savannah Clinker’s offer requires at least 60% shareholder acceptance, which can be waived.
- De-listing and Squeeze Out:
If Amsons secures 75% or more of the shares, it may seek to de-list Bamburi from the Nairobi Securities Exchange. Savannah Clinker has no plans for de-listing, but if it acquires 90% of shares, a mandatory “squeeze out” process will apply.
Bamburi’s Independent Committee recommends shareholders accept either of the offers, advising them to make a decision based on their own financial objectives and professional advice.
