, NAIROBI, Kenya, Jul 3 – The Capital Markets Authority (CMA) has granted approval to Dimension Data Holdings Plc to serve AccessKenya Group Limited with a takeover offer document relating to the acquisition of 100 percent issued ordinary shares.
CMA has also granted approval to AccessKenya Group Limited to issue to its shareholders a shareholders’ circular and independent financial advisers’ circular relating to the proposed takeover.
In a statement to newsrooms, the authority noted that it was satisfied that the offer document, shareholders’ circular and independent financial advisers’ circular made adequate disclosures of the information required under the Second and Fourth Schedules of the Capital Markets (Takeovers and Mergers) Regulations, 2002.
Such disclosures would enable the board of directors, shareholders of AccessKenya Group Limited and their professional advisers to make an informed decision on the merits of accepting or rejecting the offer.
Dimension Data Holdings Plc will be expected to serve the approved takeover offer document to AccessKenya Group Limited within five days of approval.
The offer has been unanimously recommended for acceptance by the board of AccessKenya Group Limited.
If the listed firm’s shareholders approve Dimension Data’s offer price of Sh14 per ordinary share, 100 percent of shares in AccessKenya Group Limited will be held by Dimension Data Holdings Plc.
The takeover offer values the entire issued ordinary share capital of AccessKenya at approximately Sh3.052 billion.
Shareholders of the listed firm are expected to convene an Extraordinary General Meeting (EGM) in September 2013 in order to consider a resolution approving the de-listing of AccessKenya Group Limited from the NSE.
AccessKenya shareholders on the register as at May 7, 2013 will be entitled to receive a final dividend of Sh0.30 per ordinary share for the year ended December 31, 2012 as proposed by the board of the listed firm, if approved at the EGM.
The Authority on request from AccessKenya Group Limited suspended from trading, the securities of AccessKenya Group Limited at the Nairobi Securities Exchange (NSE) on May 7, 2013.
Dimensions Data made an open market offer to purchase the 218 million shares of the listed company for Sh14 per share, being a premium of 42 percent above the Sh9.85 closing price of Friday May 3.
Dimension also offered AccessKenya shareholders a premium of over the volume weighted average price (VWAP) of AccessKenya’s shares of 55 percent for the 30 day VWAP, 105 percent for the 90 day VWAP, and 155 percent for the 250 day VWAP.