With the approval of Capital Markets Authority pursuant to Regulation 17(1) of the Capital Markets (Takeovers and Mergers) Regulations, 2002, Savannah Clinker Limited has formally withdrawn its Competing Offer to takeover Bamburi Cement Plc, effective immediately.
This implies that the only valid offer is by Amsons Industries (K) Limited as already approved by the regulator without any changes.
Following this development, shareholders of Bamburi Cement who have accepted the offer by Savannah Clinker have until 5.00pm on Thursday, 5th December 2024 to reconsider their decision.
Shareholders who do not change their decision will be deemed to have declined the offer by Amsons Industries (K) Limited and will remain shareholders of Bamburi Cement.
Trading of Bamburi Cement will be suspended from 9.00am on 6th December 2024 to facilitate reconciliation.
Commenting on these approvals, Amsons Group CEO Edha Nahdi emphasized the significance of this achievement:
“Securing all the regulatory approvals is a strong vote of confidence in our unwavering commitment to this transaction. As we approach the close of the offer period, we are confident in our ability to finalize the acquisition smoothly while delivering value to Bamburi Cement shareholders. This milestone reinforces the strength and credibility of our offer.”
Amsons is now fully prepared to finalize the transaction marking the beginning of a new chapter of growth for Bamburi Cement Plc. Supported by KCB Investment Bank, Amsons is committed to ensuring a seamless closing process including the prompt payment to shareholders who accept Amsons’ offer, allowing them to realise the value of their investment in Bamburi Cement Plc.
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