Deals
Rescuer Rejected $65 Million Bid for Kenyan Cement Maker ARM
- Bid by investor group didn’t conclusively prove funding: PwC
- Administrators accepted earlier, smaller bid of $50 million
This article is for subscribers only.
PwC Kenya Ltd., which is seeking buyers for debt-laden ARM Cement Ltd., rejected a $65 million offer for the company because the bid was filed late and had no proof of funding.
PwC received the offer “from a consortium associated with one of the shareholders of the company in conjunction with another party.” The shareholder submitted the bid on May 17, six weeks after an April 5 deadline, according to a letter sent to creditors and seen by Bloomberg. It sought to explain why the administrators accepted an earlier bid of $50 million.