British multinational Diageo’s offer to buy an extra 14.97 percent stake in East African Breweries Plc (EABL) has been oversubscribed in the first phase of the offer, signalling high investor appetite for the premium the company offered for the shares.
Diageo on Monday said it has been offered 122.018 million shares by EABL owners in the initial phase, which closed on February 24, which is higher than the entire number of 118.394 million units the company is looking to buy in two steps.
