BOC Kenya, a major manufacturer and distributor of industrial, medical, and special gases in East Africa, has received approval from the Capital Markets Authority to issue the Takeover offer document and the offeree Circular to shareholders on 5th February 2021 instead of the earlier set date, 25th Monday 2021.
CMA approved BOC’s request for more time to allow the company’s Independent Adviser to value BOC and provide a Fairness Opinion which is needed in the takeover process. The extension will also provide the board of BOC Kenya enough time to consider the Adviser’s report and come up with a recommendation for its shareholders.
BOC Kenya is in the process of being fully acquired by Carbacid Investments and Aksaya Investments for a cash consideration of KSh 1.24 billion. The company received the Takeover Offer document on 6th January 2021 and immediately appointed an Independent Adviser to advise them on the takeover process. BOC’s majority shareholder already accepted the take-over offer although with certain preconditions, according to a statement issued by Carbacid Investments in November 2020.
BOC Kenya, listed on the Nairobi Securities Exchange, is a subsidiary of UK firm BOC Holdings which owns 65.38% of the company. As of April 2020, the business had 1,018 shareholders, comprising of 5 foreign companies, 27 foreign individuals, 79 local companies, and 910 Kenyan retail investors.
Read also: Carbacid, Aksaya Seek to Acquire 100% Stake in BOC Kenya
