Savannah Clinker withdraws its offer to acquire Bamburi Cement PLC

Savannah Clinker Limited has accepted to withdraw its competing offer to acquire the Bamburi Cement Pie shares today, paving way for Tanzania’s Amsons Industries (K) Limited, which currently holds the only valid offer in the acquisition.

In a press release dated 4^th December, the Capital Markets Authority (CMA) notified shareholders of Bamburi Cement Pie and the investing public that Savannah Clinker Limited will not continue to pursue its interest to acquire Kenya’s giant cement manufacturer.

“CMA has also approved the withdrawal of the offer in line with the Capital Markets (Takeover and Mergers) Regulations, 2002,” indicated the press release.

The authority further advised shareholders who accepted the takeover offer of Savannah Clinker Limited to reconsider their decision by close of business on Thursday December 5^th, as their will be a new acquirer.

“Shareholders who do not change their decision will be deemed to have declined the offer by Amsons Industries (K) Limited and remain shareholders of Bamburi Cement Pie,” the authority advised.

The statement from CMA comes at the time Savannah Clinker boss, Benson Sande Ndeta battles a fraud case of Ksh700 million at the company. An allegation that some politicians have described as a witch-hunt aimed at frustrating him from acquiring the company to pave way for a Tanzanian company.

However, shareholders have been advised accordingly to make a quick decision because as it is Amsons Industries (K) Limited has dampened hopes of a local investor to acquire Bamburi Cement.

“Shareholders who had accepted either of the offers are free to withdraw their acceptance before closure of the offer period at 5.00 pm on Thursday, 5 December 2024,” read the news release.

“Trading of Bamburi Cement Pie shares will be suspended from 9.00 am on 06 December 2024 to facilitate reconciliation.”