[2008-07-23]  Unilever Tea minority shareholders bought out
The Brooke Bond Group Ltd has formalised its intention to acquire the Unilever Tea Kenya Ltd (UTKL).The UK-based firm presented its statement of intention to the UTKL’s board of directors in respect of the proposed acquisition of the entire shareholding of the beverage firm on Tuesday.In the statement, the company stated it has not, in respect of the proposed take-over, received any undertaking from other holders of voting shares in UTKL to accept the take-over and that it does not hold any option to acquire any ordinary shares of UTKL from any person.
The firm also confirmed that it had the resources to meet all the considerations to be provided to those shareholders of UTKL who accept the offer.
The Brooke Bond Group intends to buy the minority shares for Sh356.5 million and delist the tea grower from the NSE.
The firm currently holds 88.24 per cent in UTKL, which has vast tea estates in the Rift Valley, and is seeking to take up the remaining 11.76 per cent, or 5.75 million ordinary shares, at Sh62 each.
"If the proposed offer is successful, UTKL shall be de-listed from the NSE," Brook Bond said in its statement of intention.
According to the statement UTKL shareholders will receive a comprehensive set of documents in connection with the proposed offer on or about September 5. The offer will open the same day and close on October 6.
Brook Bond, which is part of the Unilever PLC Group, currently holds 43.125 million ordinary shares of Sh10 each in UTKL representing 88.235 per cent of the issued share capital.

Source: Standard