Diageo PLC (LSE:DGE), the owner of Johnnie Walker and Guinness, has confirmed the terms of a partial tender offer to increase its stake in East African Breweries (EABL).
The deal, conducted through Diageo Kenya Limited will see the FTSE 100-listed spirits company up its holding from the current 50.03% to a maximum of 65%.
The tender offer price is Kenyan Shillings 192.00 per ordinary share and the maximum number of shares subject to the tender offer is 118,394,897.
The offer will run from 6 February to 17 March 2023.
Diageo Kenya received regulatory approval to buy the extra shares on January 27.
The holding goes back to 1990 when the Irish brewer Guinness bought a minority stake in EABL and has been majority owned by Diageo since 2000.