Rubis energie has announced exemplary performance of its takeover bid for Kenol Kobil shares. Investors in Kenol Kobil offered 1,145,757,700 shares up for sale; equivalent to 96.85 percent of shares not already owned by the French company. Only 3.1 percent of shares declined the deal.
Rubis energie stated that it has received all regulatory approval to go through with the takeover. The firm which offered to buy Kenol Kobil shares at KSh23 per share has started the share transfer process for all investors who accepted the deal as it makes payments to them.
Given the high uptake for the Rubis deal, the company will apply CMA rules on mergers and take overs to forcefully acquire the remaining 3.1 percent of shares. This will make it 100 percent owner of Kenol Kobil. Following the full acquisition, Rubis will begin the process to delist Kenol Kobil from the Nairobi Securities Exchange.