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BOC’s share price doubles after Carbacid withdraws buyout offer
The Carbacid factory based in Industrial Area, Nairobi. Carbacid Investments lifts half-year profit to Sh465 million despite rising competition and softer income from bonds.
The share price of industrial and medical gases manufacturer BOC Kenya has more than doubled since it terminated talks to be acquired by carbon dioxide manufacturer Carbacid Investments, marking a win for the shareholders of the Nairobi Securities Exchange (NSE)-listed firm.
Carbacid and its controlling shareholder Aksaya Investments LLP on November 25, 2020 offered to buy 100 percent of BOC at a price of Sh63.5 per share, drawing opposition from the target’s minority shareholders including billionaire businessman Ngugi Kiuna who said the offer undervalued the firm.
