AccessKenya takeover bid halted

By Semaj Itosno, Nairobi, Kenya

Technology firm Access Kenya’s anticipated takeover has been halted, at least for now.

The company’s shareholders have opposed an offer price by a South African company, which expressed interest in the company.

During an annual general meeting on Tuesday, the shareholders decried that the offer price was too low. The firm, Dimension Data, had offered to acquire a 100 per cent stake in AccessKenya at sh14 per share. Insiders had put the full acquisition value at sh3.05 billion.

AccessKenya’s shares were suspended from trading at Nairobi Securities Exchange early this month when the deal was made public.

The sh14 share price offer is 46 per cent higher than AccessKenya’s share price at the time of suspension but the shareholders still feel it is too low.

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