Kirubi’s Centum ups the stakes in Rea Vipingo takeover bid Geoffrey Irungu
Publication details: Nairobi Nation Media Group Ltd 2014Description: p.1 Business Daily ( March 6th, 2014)Subject(s): Online resources: Summary: Chris Kirubi-led Centum Investments has increased its offer to owners, valuing the agriculture firm at Sh4.5 billion. At a price of Sh75 a share, Centum has valued Vipingo at Sh4.5 billion, slightly above the London-based brothers, Richard and Jeremy Robinow’s Sh4.2 billion. The Robinows proposed to pay shareholders Sh70 per share and top it up with additional payment of up to Sh15 per share in the event that the company’s 10,000 acres of land at the coast is sold before 2018. Centum Investments said it had access to more than Sh5.8 billion, consisting of cash equivalents of Sh5 billion and undrawn credit facility of Sh800 million to finance the deal.
Chris Kirubi-led Centum Investments has increased its offer to owners, valuing the agriculture firm at Sh4.5 billion.
At a price of Sh75 a share, Centum has valued Vipingo at Sh4.5 billion, slightly above the London-based brothers, Richard and Jeremy Robinow’s Sh4.2 billion.
The Robinows proposed to pay shareholders Sh70 per share and top it up with additional payment of up to Sh15 per share in the event that the company’s 10,000 acres of land at the coast is sold before 2018.
Centum Investments said it had access to more than Sh5.8 billion, consisting of cash equivalents of Sh5 billion and undrawn credit facility of Sh800 million to finance the deal.
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