Nedbank Group will spend a maximum of Sh31.6 billion in the cash component of its buyout of a 66 percent stake in NCBA Group, creating more room to pay investors who will not be able to take up shares in the South African firm.
The cash offer has grown by Sh9.7 billion from the Sh21.9 billion initially indicated, giving Nedbank more flexibility in receiving acceptances from small investors and major institutions constrained from investing in Johannesburg Stock Exchange-listed companies.
