Savannah Clinker owner Benson Sande Ndeta has increased his takeover offer for Bamburi Cement by Kes 2.38 billion, a bid of Kes76.55 per share to Kes27.7 billion.
He had initially offered Kes 25.4 billion for the cement firm’s 362.96 million issued shares at Kes 70 each.
This revised offer surpasses the Kes 23 billion bid from Tanzanian conglomerate Amsons Group, which is offering Kes 65 per share.
“Both Savannah Clinker and Amsons Group have submitted formal bids to Bamburi Cement’s board. While Amsons Group has maintained its initial offer, Savannah Clinker’s increased bid is more attractive for shareholders,” said Savannah Clinker in a statement.
Bamburi Cement’s board has deemed both offers reasonable and advised shareholders to accept either by December 5, 2024.
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Founded in 2019, Savannah Clinker specializes in mining, manufacturing, and cement solutions.
The firm is also developing a limestone extraction and clinker processing plant in Kitui County.
