February 21, 2018 / 3:30 PM / in 4 months

BRIEF-Unga Group Announces Proposed Acquisition By Seaboard For All 46.15 Pct Of Shares Of Unga‍​

Feb 21 (Reuters) - Unga Group Ltd:

* ON FEB 20, RECEIVED OFFEROR’S STATEMENT IN RESPECT OF PROPOSED ACQUISITION BY SEABOARD FOR ALL 46.15% OF SHARES OF UNGA NOT ALREADY HELD BY SEABOARD AND VICTUS

* TERMS OF PROPOSED TAKE-OVER ARE THAT EACH UNGA SHAREHOLDER WILL BE OFFERED 40 KENYA SHILLINGSFOR EACH ORDINARY SHARE OF UNGA

* IF OFFER DECLARED UNCONDITIONAL, SEABOARD INTENDS TO PROPOSE THAT THE SHARES OF UNGA BE DE-LISTED FROM THE NAIROBI SECURITIES EXCHANGE

* VICTUS, WHICH CURRENTLY HOLDS A 50.93 PER CENT MAJORITY STAKE IN UNGA, HAS IRREVOCABLY UNDERTAKEN TO SUPPORT THE TAKE-OVER OFFER

* OFFER AT 40.35% PREMIUM TO THE CLOSING PRICE OF KES 28.50 PER UNGA SHARE AS OF THE VALUE DATE

* TOTAL CONSIDERATION FOR THE TAKE-OVER OFFER IS ESTIMATED TO BE APPROXIMATELY KES 1.397 BILLION‍​

* BOARD OF DIRECTORS OF UNGA RECOMMENDING THAT SHAREHOLDERS OF UNGA ACCEPT THE TAKE-OVER OFFER

* CBA CAPITAL, SEABOARD’S FINANCIAL ADVISOR CONFIRMED IT HAS SUFFICIENT RESOURCES AND FACILITIES TO SATISFY FULL ACCEPTANCE OF OFFER‍​ Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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