Deals
Kenyan Court Halts Takeover of REA Vipingo After Bid Challenged
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Kenya’s High Court halted the takeover of REA Vipingo Plantations Ltd. after one of the bidders for Africa’s biggest sisal producer challenged the validity of a rival offer.
The court order was issued yesterday pending a May 26 hearing on Centum Investment Co.’s application to the Capital Market Tribunal to set aside the Capital Markets Authority’s acceptance of a bid submitted by REA Trading Ltd., according to documents obtained at the court in the capital, Nairobi, today. Centum took its case to the High Court because the tribunal doesn’t have a quorum to hear the company’s appeal, said Centum Corporate Affairs Director Fred Murimi.