South Africa’s Dimension Data has compulsorily bought out AccessKenya shareholders who did not accept the company’s acquisition offer last year.
HumanIPO reported in August Dimension Data had announced 75 per cent of AccessKenya shareholders accepted the KSh14 per share offer for the 218 million ordinary shares at an extraordinary general meeting (EGM), while by the end of the month 89 per cent had accepted.
Dimension Data was required to obtain 90 per cent approval in order to obtain Capital Markets Authority approval for compulsory acquisition of the remaining shares, and has now deposited KSh14 per share for all those who have not so far accepted, completing the last stage of the buyout.
“Shareholders of AccessKenya Group are hereby notified that Dimension Data Holdings Plc has with effect from January 4, 2014, compulsorily acquired the remaining shares that were subject of the notice dated November 1, 2013, issued pursuant to section 210 of the Companies Act, Chapter 486 of the Laws of Kenya,” said AccessKenya in a statement.
“The remaining shares have been acquired at a price of Sh14 per share which is the take-over offer price. The consideration of the remaining shares has been paid to the company to hold in trust for the shareholders.”