Savannah Clinker, operating in Kenya’s local construction and building sector, has withdrawn its bid to acquire full ownership of Bamburi Cement.
Savannah Clinker, having abandoned its previous higher offer, is now proposing a lower amount for the acquisition of Bamburi Cement.
The Capital Markets Authority (CMA) has approved this change and announced the withdrawal of the offer. A statement noted that “shareholders of Bamburi Cement Plc who accepted Savannah Clinker Limited’s offer have until 5:00 PM on Thursday, December 5, 2024, to reconsider their decision.”
Shareholders who do not change their decision will be considered to have rejected the offer from Amsons Industries (K) Limited and will remain current shareholders of Bamburi Cement Plc. As of now, the Tanzania-based Amsons Group, with an offer of 23 billion shillings, is the only valid bidder for Bamburi Cement.
This situation has led Savannah Clinker to fall behind its previous offer of 25.4 billion shillings and focus solely on the offer from Amsons Industries. As a result, shareholders who have accepted the offer will be able to withdraw their acceptance before the offer period ends on Thursday, December 5, 2024, at 5:00 PM. The trading of Bamburi Cement Plc shares will be suspended from 9:00 AM on December 6, 2024, to facilitate the settlement process.
