The takeover offer that will determine the future ownership of one of East Africa's largest banks is weeks away from opening.
- •NCBA Group PLC confirmed on 4 May 2026 that Nedbank Group Limited's partial tender offer will open for acceptance on 28 May 2026, giving shareholders a fixed window to decide whether to participate in a transaction that values the Kenyan lender at approximately KSh 105 per share.
- •Nedbank is seeking to acquire approximately 1,087,362,891 NCBA ordinary shares, representing roughly 66% of the issued share capital, through a partial pro-rata tender offer. Each shareholder may tender up to 66% of their holding.
- • For every 100 NCBA shares tendered and accepted, participating shareholders will receive 4.02994 newly issued Nedbank ordinary shares listed on the Johannesburg Stock Exchange and a cash payment of KSh 2,100.
Shareholders entitled to fewer than 200 Nedbank shares, or those unable to hold offshore-listed securities under Kenyan law, will receive the full consideration in cash at KSh 10,500 per 100 shares, equivalent to KSh 105 per share.
Shareholders wishing to participate must complete and submit the Form of Acceptance with all required supporting documents to the authorised acceptance agents no later than 5:00 PM EAT on 10 July 2026. Acceptances can be submitted through the online portal set up by Custody and Registrars Services Limited at nedbankoffer.candr.africa.
If completed, the transaction will result in NCBA becoming a Nedbank subsidiary while retaining its brand, local management, and NSE listing, with approximately 34% of shares continuing to trade publicly.
The transaction is structured as 80% Nedbank shares and 20% cash, valuing NCBA at 1.4 times book value and representing Nedbank's largest cross-border acquisition to date.
The offer opens at 9:00 AM East African Time on 28 May 2026 and closes at 5:00 PM on 10 July 2026. Results are expected no later than 21 July 2026, with settlement of Nedbank shares and cash payments to accepting shareholders commencing from the tenth trading day after the offer is declared unconditional.
