By VICTOR JUMAMore by this AuthorUnga Group’s share price on Tuesday rose to Sh39 on the Nairobi Securities Exchange (NSE), nearly matching the takeover offer of Sh40 per share that the miller received last week from Delaware-based Seaboard Corporation. Seaboard’s offer now represents a premium of just 2.56 per cent when viewed against Tuesday’s share price. When announcing its offer on Thursday last week, Seaboard said it was generous in the context of the levels at which Unga’s stock had been trading over the past one year. Seaboard noted, for instance, that the offer was 32.1 per cent higher than the average price of the miller’s shares traded 270 days prior to that date. The takeover bid has, however, awoken investors to Unga’s true value, causing a rally in its share price since it resumed trading on Monday after a two-day suspension by the NSE.

Source: Daily Nation February 13, 2018 18:45 UTC