Businessman Benson Ndeta has abandoned his bid of Sh27.7 billion or Sh76.55 per share for Bamburi Cement, removing competition for Tanzania’s Amsons Group which initiated the buyout of the Nairobi Securities Exchange-listed firm with a lower offer of Sh23.5 billion or Sh65 per share.
The Capital Markets Authority (CMA) says Mr Ndeta’s firm, Savannah Clinker, on Wednesday withdrew its bid after its financier developed cold feet in the wake of Mr Ndeta’s recent arrest for alleged fraud.
