Savannah Clinker has now increased its bid to acquire Bamburi Cement from Sh70 per share to Sh76.55 per share raising the stakes in its bidding war with Amsons Group of Tanzania.

The new revision raises the offer value for one of Kenya's leading cement manufacturers to Sh27.78 billion, against its initial counter-offer of Sh25.4 billion announced in late August.

The upped Sh27.7 billion bid by Savannah Clinker, which is owned by Kenyan businessman Benson Sande Ndeta, includes a Sh1.8 billion sweetener for Bamburi Cement shareholders.

This new offer by the Kenyan firm now overshadows the Sh23.59 billion offer by Amsons Group, a Tanzanian conglomerate, also seeking to acquire full stakes at Bamburi Cement.

Savannah Clinker has pledged to make payments within 12 months of the completion of the deal outpacing Amsons Group’s payment commitment spanning over more than 12 months.

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Both Savannah Clinker, which was established in 2019, and Amsons Group have submitted their formal bids to Bamburi Cement’s board with the offer window closing on December 5, 2024.

The revised bid from Savannah Clinker further raises the stakes as investors keenly observe how the fight to control the cement giant sways its Nairobi Securities Exchange share price.