Minority shareholders have rejected Delaware-based conglomerate, Seaboard Corporation’s quest to acquire an additional 46.1 per cent stake in Unga Group #ticker:UNGA, arguing it undervalues the Nairobi Securities Exchange-listed firm by Sh701.5 million.
Seaboard’s buyout offer of Sh40 per share values Unga at Sh3 billion, 18.8 per cent below its book value of Sh3.7 billion or Sh49.2 per share as of June 2017.
