BOC Kenya Extends KSh 1.24Bn Carbacid and Aksaya Takeover Offer

BOC Kenya has received approval from the Capital Markets Authority to issue the Takeover offer document and the offeree Circular to shareholders on 5th February 2021.

BOC Kenya, a leading supplier of industrial, medical, and special gases has received approval from the Capital Markets Authority to issue the Takeover offer document and the offeree Circular to shareholders on 5th February 2021.

The initial date was Feb. 25, 2021.

“The extension of time is to ensure that the Independent Adviser has sufficient time to undertake the valuation of BOC and prepare and render the Fairness Opinion,” DLA Piper Africa, IKM Advocates, Legal Adviser to BOC said in an advisory to shareholders.

The Legal Adviser said it will also give the Board adequate time to consider the Fairness Opinion and issue its shareholders with the required recommendation under the Regulations.

BOC Kenya is in the process of being acquired by Carbacid Investments and Aksaya Investments for a cash consideration of KSh 1.24 billion. 

BOC Kenya, listed on the Nairobi Securities Exchange, is a subsidiary of UK firm BOC Holdings which owns 65.38% of the company.

BOC received the Takeover Offer document on 6th January 2021. Its majority shareholder has accepted the take-over offer on the condition that the deal is concluded by 31 July 2021 or the agreement ceases to exist.

Carbacid Investments plc, leading producer and supplier of industrial Carbon Dioxide gas in East Africa, will be seeking shareholder approval to acquire all 19,525,446 shares in BOC Kenya during its Annual General Meeting to be held January 29.