The consortium of Carbacid Investments Plc and Aksaya Investments LLP, which is bidding to acquire shares in listed BOC Kenya has expressed optimism at the prospect of attaining a high level of acceptance at the close of the 30-day offer period that ends on April 6, 2021.
Carbacid Chairman, Ambassador Dennis Awori said the offers expect to secure a significant number of acceptances from minority shareholders.
The consortium, which has placed a joint bid to acquire up to 100 percent of the issued share capital of bock, has already secured the support of BOC Kenya’s majority shareholder, United Kingdom based BOC Holdings.
BOC Holdings owns a 65.38 percent stake in the leading supplier of industrial, medical and special gases firms.
Commenting on the valuation of BOC Kenya’s shares, Ambassador Awori said the offer price of Ksh.63.50 cents per ordinary share represents a premium, as of November 24 last year, of Ksh.4.67 over the 30-day volume-weighted average price per ordinary share, and Ksh.6.62 over the 90-day volume-weighted average price per ordinary share.
He further said the offer price also represents a premium of Ksh.5.50 above the closing market price on February 25, 2021.
The buyout offer is scheduled to close on April 6, 2021.
Ambassador Awori’s comments come days after an independent advisor opinion by dyer and Blair Investment Bank that was presented to BOC Kenya shareholders, indicated that BOC’s value stands at Ksh.91.76 per share against the offer price of Ksh.63.50 cents per share. Dyer and Blair subsequently declared the offer unfair and unreasonable