Savannah Clinker Limited, a Kenyan-based building and construction sector company, has withdrawn its bid to acquire Bamburi Cement, according to a statement by the Capital Markets Authority (CMA) on 04 December 2024.
CMA said the approval of the withdrawal of Savannah Clinker’s offer was done in line with the Capital Markets Regulations, 2002.
This development leaves Amsons Industries Limited’s Shs 23.59 billion bid to acquire Bamburi as the only valid offer that has been received and approved by CMA.
“Shareholders of Bamburi Cement Plc who had accepted the offer by Savannah Clinker Limited have until 5.00 pm on Thursday, 5 December 2024, to reconsider their decision,” the statement by CMA read.
“Shareholders who do not change their decision will be deemed to have declined the offer by Amsons Industries Limited and remain shareholders of Bamburi Cement Plc, the statement added.
The Authority also announced the suspension of Bamburi Cement Plc shares from 9.00 AM on Friday, 06 December 2024, to pave the way for reconciliation.
In August this year, Savannah Clinker Ltd became the second firm to express interest in acquiring Bamburi in a bid amounting to Ksh 25.4 billion, outstripping the offer by Tanzania’s AMSONS, valued at Sh 23.59 billion.
Savannah’s withdrawal of its offer comes barely a week after the arrest and charge of its chairman, Benson Ndeta, for alleged involvement in a Sh 4.5 billion fraud.
Related: AMSONS Group gets COMESA’s approval to acquire Bamburi Cement
