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[2008-08-25] BOC Kenya refuses to give up dream takeover Gas maker BOC Kenya has promised to continue pursuing its ambition to take over rival Carbacid Investment despite calls by investors that it withdraws the bid.
The takeover of Carbacid by BOC Kenya has been on the cards for the past 27 months shackled by the capital markets regulator’s refusal to endorse the deal.
The regulator, Capital Markets Authority, maintains that BOC Kenya failed to deliver on all the promises it had made in an offer to Carbacid shareholders.
The negotiations led to the suspension in December 2005 of the two listed gas manufacturers from trading at the Nairobi Stock Exchange (NSE).
This paralysis has seen shareholders of the two firms miss the opportunity to make capital gains from their investments at a time when stock market prices more than doubled.
