AccessKenya hires Kestrel to advise on evaluation

31 May 2013

Kenyan broadband provider AccessKenya has hired stockbroker Kestrel Capital to advise on the valuation of the company and to help it assess whether a proposed acquisition price of KES14 (USD0.16) per share offered by South African firm Dimension Data represents a good deal. AccessKenya’s director for strategy and special projects, David Somen, told shareholders at the company’s AGM that the report by Kestrel is expected to be ready in the next month and will be forwarded to shareholders in due course.

Dimension Data has offered to acquire 100% of AccessKenya in a deal valued at KES3.05 billion, a 40% premium on the firm’s 2007 initial public offering price in 2007. As things stand, some minority shareholders stand to make a loss on their stakes if the deal is accepted, and they have put pressure on the company’s management to negotiate the price upwards.

Kenya, AccessKenya, Dimension Data