After the big fish are paid,the small fish will be left out to be eaten by the hyena.

E-mail the CMA at with your concerns & remember a new broom sweeps clean so the new CEO may be willing to listen. Try ceoffice@cma.or.ke All minority shareholders should do so.

It was already indicated in an earlier communique that PUMA will offer same price to minority as offered to majority to conclude takeover. I believe this deal has received conditional approval from CMA - conditions being that all other industry regulators approve it. Conditional sale agreements on pricing have been signed. What majorities can do is sit and hope a price of 21 is what was signed off if not something around 20!!

PUMA are yet to be apply for an exemption of a full takeover like Sanlam or as they did in Zambia. Na hata hiyo was rejected

A lot of our journo's in business need to be taken through finance classes. I don't particularly understand why B-daily journo would suggest minorities may ""....not have muscle to negotiate for a better premium for their shareholding interest in the company....". This is ludicrous. It's common knowledge that minorities by being offered same price as majorities are actually getting a raw deal if Puma were to follow the sequences of such transactions, where they buy the majority stake and announce a takeover. The price the pay for the majority will be seen on the boards, if they wish to do a takeover typically the price would have spiked up from that. However Puma are smart enough to give the same price. One advantage of this deal is that KeKe majorities will swap shares in Puma + little cash. Your guess is as good as mine on the valuation but I can bet you they will push for a high price to fetch them a better stake at Puma. Remember Puma will also want to have a decent valuation to ensure Nick B and Co don't get too much influence in Puma. Minorities are the ones to enjoy a big payout at this stage. This is a class case of the agency theory working optimall!