@BdAfrica

US firm bid for Unga Group flops - 8 months ago, 21 July 12:30

Victor Juma

Delaware-based conglomerate Seaboard Corporation has failed in its bid to buy out Unga Group after the multinational was unable to garner the support of shareholders holding a minimum combined stake of 75 per cent in the miller.

This is the second failed Nairobi Securities Exchange (NSE) takeover bid after a section of minority investors in Express Kenya rejected a buyout offer from chief executive Hector Diniz.

Mr Diniz and Seaboard were accused of attempting to buy the respective firms on the cheap, with both acquirers refusing to raise their offers in the controversially proposed deals.

Unga, for instance, was found to be worth up to Sh67.19 per share while Seaboard made an offer of Sh40 per share.

The multinational received acceptances amounting to 12.1 million shares or a 16.05 per cent stake in Unga, adding to its existing 2.92 per cent equity and another 50.93 per cent held by the Philip Ndegwa family with ...
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