The consortium of Carbacid Investments PLC (Carbacid) and Aksaya Investments LLP (Aksaya), have opened a 30-day offer period to acquire shares in listed BOC Kenya Plc (BOCK) for Ksh 1.2 Billion.
The offerors said they have placed a joint bid to acquire up to 100% of the issued share capital of BOCK, have already secured the support of BOCK’s majority shareholder, UK based BOC Holdings, which holds a 65.38% stake in the supplier of industrial, medical and special gases firm.
The 30-day Offer at a Kshs 63.50 price per ordinary share is scheduled to close on 6 April 2021.
“We, however, encourage BOCK shareholders to freely and independently decide whether to accept our Offer or choose to remain shareholders. We are also actively encouraging the BOCK shareholders to carefully review the terms as per the Offer Document to fully appreciate our rationale in more detail,” Carbacid Investments Plc Chairman Amb Dennis Awori said.
This comes as BOC Kenya Board failed to issue an opinion on whether or not to accept the Carbacid takeover bid after Dyer and Blair Investment Bank, the transaction adviser, returned with the verdict that the Kshs 63.50 price per ordinary share is below the firm’s actual value, adding that it undervalues BOC Kenya by 30.8%.
Dyer and Blair place BOC Kenya’s value at KSh 91.76 per share or worth a total of KSh 1.7 Billion. Carbacid had placed a bid of KSh 1.2 Billion.
“Having carefully considered the opinion of the independent adviser … the board unanimously agrees that the price of Sh63.5 does not reflect a fair value of the company,” BOC says in a circular to shareholders.