BOC gets Extension Period to Service Shareholders with Takeover Deal
BOC Kenya Plc a leading supplier of industrial, medical and special gases in East Africa, has been granted approval by the Capital Market Authority to issue their shareholders with the Takeover offer Document and the Offeree Circular by Friday 5th February, 2021, an extension from the proposed Monday 25th January, 2021.
BOC gases was served with the Takeover Offer Document from Carbacid Investment Plc and Aksaya Investments LLP on Wednesday, 6 January, 2021 and requested more time so as to allow for a fairness option for their shareholders.
Carbacid Investment Plc had earlier last year made a joint bid to acquire 100 % of BOC Kenya for Kes 1.2 billion. However, Section 108 of the Companies Act, 2015 prohibits a subsidiary from being a member of its holding company hence Carbacid brought Aksaya Investment LLP on board.
The extension will ensure that the Independent adviser appointed by the company has enough time to undertake the valuation of the company to prepare and render the fairness opinion. Additionally, the extension will also give the board more time to consider the Fairness Opinion and issue their shareholders with the required recommendation under the Regulations.