The Capital Markets Authority (CMA) has announced that Savannah Clinker Limited has withdrawn its competing bid for Bamburi Cement Plc, effectively leaving Amsons Industries (K) Limited as the sole approved bidder for the company’s shares.
The withdrawal by Savannah Clinker was confirmed by the CMA and complies with the Capital Markets (Takeover and Mergers) Regulations, 2002. This development reshapes the acquisition landscape for Bamburi Cement, one of East Africa’s leading cement manufacturers.
Shareholders who had accepted Savannah Clinker’s offer now have until 5:00 PM on Thursday, 5 December 2024, to reconsider their position. The CMA clarified that shareholders who take no action by the deadline will automatically be deemed to have declined Amsons Industries’ offer and will remain shareholders in Bamburi Cement Plc.
Amsons Industries’ proposal, which had previously received CMA approval without changes, now stands as the only valid offer for Bamburi Cement. Shareholders who have accepted either bid can still withdraw their acceptance during the remaining offer period, which closes at 5:00 PM on 5 December.
In light of these developments, trading in Bamburi Cement shares will be suspended from 9:00 AM on 6 December 2024 to facilitate reconciliation. This temporary halt is expected to allow for the orderly finalization of shareholder positions and ensure compliance with regulatory guidelines.
