Reports that minority shareholders of Unga Group #ticker:UNGA have rejected an American firm’s bid to acquire an additional 46.1 per cent stake in the firm did not surprise many.
This is because the buyout offer by Delaware-based Seaboard Corporation of Sh40 per share has valued the miller at Sh3.1 billion, which is 18.8 per cent below the firm’s book value of Sh3.7 billion or Sh49.2 per share as of June 2017.
