Kenya: Firms interested in buying out troubled ARM Cement have until 28 February 2019 to make final offers to the PricewaterhouseCoopers (PwC), the company’s administrator. PwC says 25 companies have so far expressed their interest in taking over ARM. 23 have signed non-disclosure agreements that allowed them to receive additional information about the cement manufacturer. By mid-December, PwC reported at total of 14 non-binding offers (NBOs).
“We reviewed these NBOs and shortlisted a number of parties whose offers best suited the objectives of the envisaged transaction to proceed to the next round of conducting their due diligence, with a view to submitting binding offers,” reported PwC.
While the administrators did not name the shortlisted companies, they are believed to include Nigeria’s Dangote Cement and Oman’s Raysut Cement, which went public with its US$101m buyout offer.