Savannah Clinker Ltd expressed interest in wholly acquiring Bamburi Cement PLC at Kes 70.0 per share, just after Tanzania’s Amsons Group offered Kes 65.0 per share.
As a result, Savannah Clinker Ltd. has submitted a Kes 25.4 billion bid against Amsons Group’s Kes 23.59 billion bid.
Both Savannah Clinker Ltd. and Bamburi Cement PLC offer a dividend sweetener.
Savannah Clinker Ltd. is owned by Benson Sande Ndeta, a director of Savannah Cement, which went into administration in July 2023.
Tanzania’s Amsons Group places a bid to acquire wholly Kenya’s Bamburi Cement PLC at Kes 65.0 per share, translating to a Kes 23.59 billion bid (US$182.89 million) for the Nairobi Securities Exchange-listed manufacturer.
During Wednesday’s session, the Tanzanian firm’s offer represents a 44.44% premium from the share’s closing price.
This comes just 4 months after Bamburi Cement PLC completed its divestiture from its Uganda subsidiary, Hima Cement Ltd.
Bamburi Cement has exited by selling 1,335,600 ordinary shares in Hima Cement Ltd., representing 70.0% of the total issued shares in the business, to Sarrai Group Limited and Rwimi Holdings Ltd.
Bamburi Cement PLC announces completion of its divestiture from its Uganda subsidiary, Hima Cement Ltd.
