The Capital Markets Authority (CMA) has approved a request by Lipton Teas and Infusions Kenya Plc to withdraw its initial offer to acquire the remaining shares of Limuru Tea.
- Lipton Teas and Infusions Kenya Plc owns and holds 51.99% of the total issued share capital of Limuru Tea Plc.
- On 4th July 2022, the company made a proposal to shareholders to acquire up to 100% of the ordinary shares in the share capital of Limuru Tea Plc that were not already legally or beneficially owned by Lipton Teas.
- Lipton Kenya, in a statement, has announced the official withdrawal of the offer.
Subsequently, Lipton Teas submitted the draft offeror’s statement of the takeover scheme to the CMA for its approval. However, through a letter dated 15th July 2022, the regulator suspended the mandatory take over process.
On 9th May 2024, the Company made an application to the CMA requesting for its approval to withdraw the offer.
Further, B Commodities ME (FZE), a UAE based firm, has since issued a notice of intention in relation to the indirect acquisition of Lipton Kenya’s shareholding in Limuru Tea.
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