The wait by Carbacid and its majority shareholder Baloobhai Patel to take over fellow listed industrial gases maker BOC Gases has entered its third year, held up by the continued lack of quorum in the Capital Markets Tribunal where a challenge to the deal has been lodged.
Acting in concert, Carbacid and Mr Patel —through his investment vehicle Aksaya Investments LLP— offered to buy up 100 per cent of BOC shares at Sh63.50 apiece, thus valuing the deal at Sh1.2 billion. Mr Patel is also the single largest shareholder in Carbacid with a 40.38 per cent stake.
