And if they pay 25?

At 16, I would keep my shares coz I am confident KK will get to 16 without any help from Puma by early 2014. I can wait 18 months. And even get a dividend along the way.

1) Real estate KK owns including the huge piece in Addis. The government in ET has changed peacefully. I expect the economy to open up slowly but steadily thus seeing an influx of FDI.

2) The core business, despite the Hedge Loss, is profitable. The #1 firm in KE, RW & strong in UG. The profits will come through for shareholders.

3) There will be another suitor looking at KK. Perhaps the deal will be structured as a JV or a Strategic Investor not a Takeover. When Equity wanted to raise capital, it sold shares to Helios (25% stake) without the need for a Rights Issue.

*Puma can contribute stations/assets in Zambia/TZ to KK in exchange for 25% of KK's shareholding. This gives KK additional heft within Africa*

4) Ownership Incentive. The CEO & Senior Management have shares in KK. The largest shareholders also want the value for their stake. Neither will want to sell out cheap.

Is there a guarantee that whatever the major share holders are paid is also what the other share holders will get or who is there to speak on behalf of Wanjiku's?

I expect a minimum of 17 but as Kestrel said in its report 20 is possible ;-) The question is not if but when! Puma hasn't run away despite the issues with employees & KPC.

They could be thinking, why not stay after all, its an opportunity to buy it cheap.