Seaboard Corp in a renewed bid to delist Unga after failed buyout

KENYA - Seaboard Corp, the American multinational conglomerate is planning to delist Unga Group from the Nairobi Securities Exchange (NSE) after a failed takeover bid of the Kenyan grain miller, according to Business Daily. The grain and commodity merchandising company is yet to face another stand-off with minority shareholders and investors who rejected its offer…

Seaboard’s failure to reach 75% minimum threshold in Unga blamed on activist investors

KENYA - US firm, Seaboard’s planned buyout offer for Unga Group has flopped as it was unable to garner support from shareholders holding a minimum combined stake of 75% in the miller. Daily Nation has reported that a takeover failure was attributed to a group of significant investors who refused to sell their shares, accusing…

Seaboard’s joint venture increases capacity with second shift at Iowa pork plant

USA - Seaboard Triumph Foods (STF), a joint venture between Seaboard Foods and Triumph Foods has announced that it plans to increase production with a full second shift at its pork processing facility in Sioux City, Iowa by mid-October. The second shift has been running since May but on a limited basis, with continued hiring…

Seaboard’s Unga buyout offer period extended to late June

KENYA- Seaboard’s Corporation’s offer of US$0.40 per share for Unga Group will wait longer to close after a section of Unga’s significant shareholders termed the offer by the multinational conglomerate as inadequate, citing the company’s assets. The extension indicates that Seaboard has not yet met minimum requirement for a 75% stake needed for the transaction…

Seaboard Corp.’s profit falls 36% on lower corn and soybean meal sales

USA - Seaboard Corp, the diverse multinational agribusiness and transportation conglomerate has posted operating income of US$11 million, a 36% decline for the Commodity Trading and Milling (CT&M) segment on lower corn and soybean meal sales prices and volumes. In the first quarter ended March 31, net sales increased by 8% to US$786 million reflected…

Unga posts US$5.03 million half year net profit amid buyout talks

KENYA - Listed miller Unga Group has posted an after-tax profit of Sh511.1 million for the six months to December, a near four-fold increase in earnings which resulted from higher sales. The firm, which is the buyout target of American multinational Seaboard Corporation, saw its turnover improve 8.1 % to close the period at US$109.15 million.…

Unga buyout company Seaboard faces US probe

KENYA - American authorities are investigating Seaboard Corporation, the multinational company that is planning to buy out Unga Group’s minority shareholders, for alleged financial misconduct in multiple African countries including Kenya, reports indicate. Prosecutors in the United States are interrogating Seaboard’s Pan African operations for evidence of multiple crimes, including money laundering, bribery, and doing business…

Seaboard’s Unga takeover bid meets minority owners’ opposition

KENYA - Minority shareholders have rejected Delaware-based conglomerate, Seaboard Corporation’s quest to acquire an additional 46.1 per cent stake in Unga Group , arguing it undervalues the Nairobi Securities Exchange-listed firm by Sh701.5 million. Seaboard’s buyout offer of Sh40 per share values Unga at Sh3 billion, 18.8 per cent below its book value of Sh3.7…

Bourse suspends Unga shares as Seaboard plans stake

KENYA - Nairobi Securities Exchange (NSE) has suspended trading in the shares of Unga Group Plc whose retail investors have received a buyout offer of Sh40 per share from one of its significant shareholders, Seaboard Corporation. The Delaware-based multinational, which already owns a 35 per cent stake in the company's operating subsidiaries, is acting in…