REA Vipingo buyout offer extended for two weeks

May 14, 2015
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Initially, the offer to buy all issued ordinary shares of the Nairobi Securities Exchange-listed sisal grower was slated for closure on May 13, 2015/FILE
Initially, the offer to buy all issued ordinary shares of the Nairobi Securities Exchange-listed sisal grower was slated for closure on May 13, 2015/FILE
NAIROBI, Kenya, May 14 – Shareholders of REA Vipingo Plantations Limited have now until May 27, 2015 to accept the offer by REA Trading Limited to acquire the stake that they hold.

This follows approval of an extension of the offer period by the Capital Markets Authority.

Initially, the offer to buy all issued ordinary shares of the Nairobi Securities Exchange-listed sisal grower was slated for closure on May 13, 2015.

READ: REA Vipingo shareholders approve land sale to Centum

REA Trading is offering to buy 100 percent of the ordinary shares of REA Vipingo Plantations at the price of Sh70 per share plus an additional cash top-up of Sh15 per share payable immediately after the offer closes.

“Our offer is unconditional and we intend to proceed with it on the original terms but we felt it would be helpful to our many shareholders if they had a little more time to accept the REAT offer and send in their completed Forms of Acceptance and supporting documentation to the authorized accepting agents, “ the company stated.

READ: Centum, REAT finally agree on Rea Vipingo buyout

The results of its offer will be made available on June 10, 2015 with Payments to shareholders, who have accepted the Offer to be dispatched on 1st July, 2015.

Commercial Bank of Africa Capital Chief Executive Officer Kathure Nyamu, who are the lead transaction advisors, the offer has attracted huge support from the REA Vipingo shareholders.

“We are delighted by the response to the takeover offer by the shareholders of REA Vipingo so far. We are confident that we will be able to successfully conclude this transaction,” Nyamu added.

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