Access Kenya employees fix network cables in Nairobi. FILE
AccessKenya’s minority shareholders have up to the middle of next month to take advantage of the offer made by Dimension Data, which is seeking to buy out the Nairobi Securities Exchange-listed IT company.
Dimension Data is buying AccessKenya at Sh14 per share, a 42 per cent premium on the last trading price of Sh9.85 on May 7, before it was suspended from trading.
“This offer gives shareholders the opportunity to sell their shares at a higher price than the price they would have obtained from the market in the trading sessions just before May 7 when the shares were suspended from trading. The offer closes August 14,” said the company in statement.
Completion of the transaction will see the company delisted from the securities market and the Somen family, which sold it to the public through an initial public offering in 2008 give up its ownership.
The takeover has received regulatory approval. Shareholders of the listed firm are expected to convene an extraordinary general meeting in September 2013 in order to consider a resolution approving the de-listing of AccessKenya from the NSE.
AccessKenya shareholders on the register as at May 7, 2013 will be entitled to receive a final dividend of Sh0.30 per ordinary share for the year ended December 31, 2012 as proposed by the board of the listed firm, if approved at the general meeting.
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