Listed local investment firm Carbacid Investments Limited (CIL) has collaborated with Aksaya Investments LLP to place a Sh1.2 billion takeover bid for 100 per cent shares of BOC Kenya.
Carbacid said the acquisition bid was part of the company’s market expansion plans, although the bid is subject to regulatory approvals.
BOC Kenya is the leading supplier of industrial, medical and special gases in Kenya.
Carbacid Investments Plc is an investment holding company which invests in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid Limited.
It also has investments in property, shares in other listed firms, bonds and financial assets while Aksaya Investments LLP is a local investment firm wholly owned by local entrepreneur BC Patel.
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Aksaya and CIL offered Sh63.50 per ordinary share of BOC representing a Sh4.67 (7.94%) premium over the 30-day volume-weighted average price per ordinary share and Sh6.62 (11.64%) over the 90-day volume-weighted average price per ordinary share as at Tuesday.
Carbacid Chairman Amb Dennis Awori said the acquisition would make BOC locally owned hence in a better position to take advantage of market opportunities in Kenya and the East African region.
“CIL will bring its effective business and strategic acumen and deep knowledge and experience of the local industrial gas market, which can generate significant synergies between the two businesses,” Awori said.
He added, “This structure will lead to swifter decision-making. The enlarged group will also provide greater opportunities for employee development, advancement and growth for staff of CIL and BOC.”
The Co-Offerors have secured an irrevocable undertaking from BOC’s single largest shareholder, UK-based BOC Holdings to sell the BOC Holdings shares to the Co-Offerors once the offer is made.
BOC Holdings holds 12,765,582 ordinary shares in BOC, amounting to 65.38% of the issued and fully paid-up share capital of BOC Kenya.
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