Access Kenya employees fix network cables in Nairobi. FILE
Dimension Data’s take-over of AccessKenya moved a step closer to completion after the company announced on Wednesday that its buyout offer has become unconditional following acceptance of the bid by more than the regulatory minimum of 75 per cent of shareholders of the firm.
The South African firm said in a statement that it has received acceptances from holders of over 75 per cent of the technology firm’s 218 million ordinary shares in issue, having made an offer for 100 per cent take-over of AccessKenya.
Received approval
The group also said the proposed transaction had received approval from the Competition Authority of Kenya, which combined with the 75 per cent shareholder acceptance threshold means that key conditions of the transaction have been fulfilled.
“With the offer period closing on August 15, 2013, we are pleased that the 75 per cent acceptance threshold has been reached,” said Geoffrey Gangla, managing director of Pamoja Capital Ltd, Dimension Data’s advisor on the take-over bid.
He said, however, that some investors had misplaced their shareholding documentation or recently changed addresses, meaning they had not received their documents.
The transaction advisors said that such shareholders ought to contact them today, or visit their stockbroker or any KCB branch to collect their acceptance forms.
In July, CMA granted approval to Dimension Data to serve shareholders with the Take Over offer documents, with shareholders expected to convene an Extraordinary General Meeting (EGM) in September 2013 to consider a resolution approving the de-listing of Access Kenya from the NSE.
The board of access Kenya has already recommended the acceptance of the offer, while the take-over also got a government exemption from the 20 per cent local ownership rule.
