Brief: Unga Group Announces Proposed Acquisition By Seaboard For All 46.15 Pct Of Shares Of Unga

Seaboard

21/02/2018 15:17

Feb 21 (Reuters) - Unga Group Ltd  UNGA.NR : 
    * ON FEB 20, RECEIVED OFFEROR'S STATEMENT IN RESPECT OF 
PROPOSED 
ACQUISITION BY SEABOARD FOR ALL 46.15% OF SHARES OF UNGA NOT 
ALREADY HELD BY SEABOARD AND VICTUS  
    * TERMS OF PROPOSED TAKE-OVER ARE THAT EACH UNGA SHAREHOLDER 
WILL 
BE OFFERED 40 KENYA SHILLINGSFOR EACH ORDINARY SHARE OF UNGA 
    * IF OFFER DECLARED UNCONDITIONAL, SEABOARD INTENDS TO 
PROPOSE 
THAT THE SHARES OF UNGA BE DE-LISTED FROM THE NAIROBI SECURITIES 
EXCHANGE 
    * VICTUS, WHICH CURRENTLY HOLDS A 50.93 PER CENT MAJORITY 
STAKE IN 
UNGA, HAS IRREVOCABLY UNDERTAKEN TO SUPPORT THE TAKE-OVER OFFER 
    * OFFER AT 40.35% PREMIUM TO THE CLOSING PRICE OF KES 28.50 
PER 
UNGA SHARE AS OF THE VALUE DATE 
    * TOTAL CONSIDERATION FOR THE TAKE-OVER OFFER IS ESTIMATED 
TO BE 
APPROXIMATELY KES 1.397 BILLION 
    * BOARD OF DIRECTORS OF UNGA RECOMMENDING THAT SHAREHOLDERS 
OF 
UNGA ACCEPT THE TAKE-OVER OFFER 
    * CBA CAPITAL, SEABOARD'S FINANCIAL ADVISOR CONFIRMED IT HAS 
SUFFICIENT RESOURCES AND FACILITIES TO SATISFY FULL ACCEPTANCE 
OF OFFER 
 
Further company coverage:  UNGA.NR  
 
 (Bangalore.newsroom@thomsonreuters.com)