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