Carbacid is set to push its set deadline for buying the majority of stake in BOC Kenya, according to reports. This comes at the time the company is expected to carry forward its agreement with the expected top shareholder, BOC Holdings.
Carbacid had signed a deal with BOC which has agreed to sell its 65.38 percent stake in BOC. The buyout was expected to have been finalized by the end of July according to the initial agreement.
Carbacid is now expected to postpone the buyout timeline due to a series of legal challenges experienced during the transaction.
“The conditions of the irrevocable undertaking are … completion of the offer occurs by July 31, 2021, or such later date as may be agreed in writing by the co-offerors and BOC Holdings,” reads part of the terms.
The proposed buyout which was announced in November 2020 has been delayed by legal challenges put forward by the minority shareholders.
The shareholders are said to have filed a case before the courts and the Capital markets Tribunal (CMT). The conclusion of the deal will therefore be carried forward, taking into account the resolution of the legal battles and customary procedures.
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