Monday, July 24, 2006

Block offers for HFCK and CMC today: a takeover?

There were block offers today as follows
HCFK 1,600,000 shares @ 35/= representing 1.4% of the company's shares
CMC 1,000,000 shares @ 85/= representing 2% of the ompany's shares

Both offers represent are at a premium from the price prevailing at the market. (ie HFCK 17%, CMC 13%).

Could someone be working to build a sizeable stake in the two firms? HFCK is particularly intersting as it comes months after collapse of talks between Trancentury and CDC regarding the former's interest in buying CDC'S 24% stake.

5 Comments:

Anonymous Anonymous said...

hope that is good news for HFCK bought it at Kshs 28 and it has not moved up at all and hey good luck on uchumi although if things work out well yu will make a killing

1:15 AM  
Blogger gathinga said...

anon: thanks

3:05 PM  
Blogger coldtusker said...

The shares offered (by themselves) aren't sufficient to indicate a takeover BUT if they are added to an existing portfolio they can give significant control to a major shareholder.

2:21 PM  
Blogger Speculator said...

The shares seem like an addition to an existing portfolio. 2 major shareholders with 7% and 3% respectively and now now the 1.4% brings the total to over 11% holding by one person (a former/current chairman of the bourse), but registered under difrerent SPVs

5:59 AM  
Blogger Ken said...

Gathinga whats your take on CMC with all this 25 seater matatu issues going on do you think their earnings will soar ?
As they stand to benefit the most.

10:07 AM  

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