AccessKenya appoints advisors on Dimension Data bid

Data services provider AccessKenya has hired stockbroker Kestrel Capital to advise on a valuation of the company in the face of a buyout bid from Dimension Data.

HumanIPO reported last week investors and shareholders would discuss the buyout bid at the company’s annual general meeting (AGM), after Dimension Data offered more than KSh3 billion (US$36 million) for AccessKenya as it looks to expand across Sub-Saharan Africa.

During the AGM AccessKenya confirmed it had hired Kestrel to advise on the company’s valuation and help in assessing whether the acquisition price of KSh14 per share offered by Dimension Data was a good deal.

“The board did not set the price, the board will only make a decision after we have received a report from the financial advisors we have appointed, we will communicate to you within the next four weeks individually,” said AccessKenya chairman Daniel Ndonye.

Some shareholders urged the company’s management to negotiate the Dimension Data upwards, with those who bought stock at KSh36 a share during secondary trading at the Nairobi Securities Exchange (NSE) complaining acceptance of the offer occasion a loss.

AccessKenya also used the AGM to declare a 20 per cent increase in net profit from KSh101 million ($ 1,188,235) in 2011 to Sh131 million ($ 1,541,176) for the last financial year.

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