KenolKobil Group has announced the opening of a take over offer to all shareholders by Rubis Energie on Friday.
The cash offer has also been approved by the Competition Authority of Kenya and the COMESA Competition Commission.
The Board of Directors of KenolKobil Plc, after receiving an independent financial advisor’s report on the cash offer, has considered the offer and has recommended that the shareholders of KenolKobil Plc accept the offer.
James Mathenge, Group Chairman says “The offer opened on 20th December 2018 and will close at 5pm on 18th February 2019.”
Rubis Énergie SAS considers that KenolKobil Plc’s shareholders will find the offer price of Ksh 23 per share very attractive as it represents a 53.4 per cent premium to the volume weighted average price at which KenolKobil Plc shares traded over the 30 trading days preceding the issuance of the notice of intention to take-over by Rubis Énergie SAS in October 2018 and is higher than the prices at which KenolKobil Plc shares have traded since then.
Genghis Capital says at Ksh 23, a 19.8% premium to the current price of Ksh 19.20, “We recommend shareholders to tender their shares or sell to market a price close to the offer price.”