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Rubis Énergie SAS’ cash offer to purchase all the issued shares of KenolKobil Plc at a price of KES 23 per share has been approved by the Capital Markets Authority and offer documents will be posted to KenolKobil Plc shareholders on 14th January 2019. The cash offer will close on 18th February 2019.
The cash offer has also been approved by the Competition Authority of Kenya and the COMESA Competition Commission.
The Board of Directors of KenolKobil Plc, after receiving an independent financial advisor’s report on the cash offer, has considered the offer and has recommended that the shareholders of KenolKobil Plc accept the offer.
Rubis Énergie SAS considers that KenolKobil Plc’s shareholders will find the offer price of KES 23 per share very attractive as it represents a 53.4 per cent premium to the volume weighted average price at which KenolKobil Plc shares traded over the 30 trading days preceding the issuance of the notice of intention to take-over by Rubis Énergie SAS in October 2018 and is higher than the prices at which KenolKobil Plc shares have traded since then.
As the cash offer has been recommended for acceptance by KenolKobil Plc directors, and has received most of the requisite regulatory approvals, and given the attractive offer price, Rubis Énergie SAS is confident that the cash offer will be accepted by KenolKobil Plc shareholders and that the cash offer will complete successfully.