75% acceptance of Dimension Data offer
Dimension Data has announced that its offer for up to 100% of the issued shares of AccessKenya Group has become unconditional with respect to shareholder acceptances, having received acceptances from shareholders of over 75% of the 218 million ordinary AccessKenya shares in issue.
The Group also confirmed that the proposed transaction has received approval from the Competition Authority of Kenya. Both the 75% shareholder acceptance threshold and the approval from the Competition Authority of Kenya are key conditions of the transaction.
Geoffrey Gangla, Managing Director at Pamoja Capital Limited, Dimension Data’s advisor on the take-over bid said, “With the Offer Period closing on 15 August 2013, we are extremely pleased that the 75% acceptance threshold has been reached, and based on the feedback we are receiving from brokers and shareholders, we expect the rate of acceptances to increase." Shareholders had until close of business yesterday to submit their documents. Gangla added: "Receiving approval from the Competition Authority of Kenya is also one of the most important pre-conditions of this transaction.”
Gangla pointed out that Pamoja and various stockbrokers has been contacted during the Offer Period by a number of individuals who had mislaid their documentation, or recently changed addresses and therefore had not received their documents.