Savannah Clinker Limited has increased its offer for the acquisition of Bamburi Cement, solidifying its position against Tanzania’s Amsoms, which presented a lower bid. This revised offer indicates Savannah’s commitment to securing the deal.
The new offer from Savannah Clinker stands at KES 76.55 per share, an increase from their initial KES 70 per share bid, which had already surpassed Amsoms’ KES 65 offer. This increase now values the acquisition at nearly KES 28 billion (KES 27.78 billion), up from the initial KES 25.4 billion, adding further appeal for Bamburi’s shareholders.
In addition to the raised price, Savannah has included a sweetener of KES 1.8 billion for all shareholders.