South Africa’s Dimension Data has confirmed that it has completed the compulsory buyout of AccessKenya shareholders who did not accept the company’s acquisition offer in August last year. Under the terms of the deal, Dimension Data was required to obtain 90% approval in order to obtain Capital Markets Authority (CMA) backing for compulsory acquisition of the remaining shares. By the end of August 2013 Dimension Data had already achieved 89% approval, and the company has now passed the threshold.
An AccessKenya statement confirms: ‘The remaining shares have been acquired at a price of KES14 (USD0.16) per share which is the takeover offer price. The consideration of the remaining shares has been paid to the company to hold in trust for the shareholders.’ Validated claims will be settled by cheque within 14 days of the date of submission.