Unga group buyout bid: Seaboard executives in Kenya to meet Unga shareholders

Executives of American company Seaboard Corporation are in Nairobi, seeking to woo shareholders of Unga Group to support its buyout bid. Seaboard is looking to acquire at least 75% of Unga Group at 40 shillings per share, but needs to win over significant shareholders first before the buyout can proceed. The conglomerate already holds 2.9% shareholding in Unga, but needs to convince owners holding 21.1% to offer their shares for sale. The shareholders, however, expect Seaboard to revise its offer upwards, because the current offer of 40 shillings per share undervalues the miller.