Although billionaire businessman Ngugi Kiuna lost his appeal to the Capital Markets Tribunal to stop the proposed takeover of BOC Kenya Limited by Carbacid Investments, his challenge has ultimately led to the two firms abandoning the transaction.
The two companies formally pulled the plug on the deal on Thursday, saying that the terms of the offer had lapsed, even though the tribunal said in its August 2024 ruling that the approval that had been granted by the Capital Markets Authority (CMA) remained in force.
