A decisive takeover bid that could reshape ownership of one of East Africa’s largest banking groups is edging closer to commencement.NCBA Group PLC announced on 4 May 2026 that Nedbank Group Limited will open its partial tender offer on 28 May 2026.
The deal places a valuation of roughly KSh 105 per share on NCBA Group PLC.
Nedbank aims to acquire about 1.087 billion NCBA ordinary shares, equivalent to nearly 66% of the issued share capital, through a pro-rata tender. Shareholders will be allowed to tender up to 66% of their holdings.
For every 100 shares accepted, investors will receive 4.02994 newly issued Nedbank shares listed on the Johannesburg Stock Exchange, alongside a cash payment of KSh 2,100.
Investors who qualify for fewer than 200 Nedbank shares, or those restricted from holding offshore-listed securities under Kenyan regulations, will instead receive full cash compensation of KSh 10,500 per 100 shares, effectively matching the KSh 105 per share valuation.
Shareholders intending to take part must submit a completed acceptance form, along with all necessary documentation, to the authorised agents by 5:00 PM EAT on 10 July 2026. Submissions may also be made via the designated online portal managed by Custody and Registrars Services Limited.
Should the transaction go through, NCBA will operate as a subsidiary of Nedbank while retaining its brand identity, local leadership, and listing on the Nairobi Securities Exchange, with about 34% of shares remaining in public circulation.
Also Read: NSE Rebounds by KSh 174Bn in April, But Rising T-Bill Rates and Oil Prices Raise New Concerns
The deal is structured as 80% equity and 20% cash, valuing NCBA at approximately 1.4 times its book value, and marking Nedbank’s most significant cross-border acquisition so far.
The offer window opens at 9:00 AM EAT on 28 May 2026 and closes at 5:00 PM on 10 July 2026. Results are expected by 21 July 2026, with settlement of shares and cash payouts to follow from the tenth trading day after the offer becomes unconditional.
