Kenolkobil Board accepts takeover bid from Rubis Energie
NAIROBI, Kenya, Jan 11 – The Board of KenolKobil Plc has announced receipt and acceptance of the takeover offer from Rubis Energie.
Subsequently, the tender offer was opened to all shareholders of KenolKobil on 20th December 2018 and will close on 18th February 2019.
The offer, proposes purchase of all outstanding shares in the firm not owned by Rubis Energie at Sh 23 which is a 19.8 percent premium to the current price of Sh19.20.
Research analysts at Genghis Capital recommend shareholders to tender their shares or SELL to market a price close to the offer price.
Rubis Energie proposed a take-over offer of 75.01 per cent of the issued ordinary shares of KenolKobil, after it had already acquired 24.99 per cent of the capital shares.
The move will see Rubis take full ownership of the company and the delisting of the company from the Nairobi Securities Exchange.
KenolKobil also operates in Ethiopia, Uganda, Rwanda, Burundi and Zambia, while Rubis is a market leader in France, Switzerland, Bermuda, Jamaica, Madagascar, Morocco and Senegal.