Entrepreneur Benson Sande Ndeta, owner of Savannah Clinker, has increased his takeover offer for Bamburi Cement by Sh2.38 billion.

Initially offering Sh25.4 billion for the cement firm’s 362.96 million issued shares at Sh70 each, Ndeta has now raised the bid to Sh76.55 per share, bringing the total value to Sh27.7 billion.

This revised offer surpasses the Sh23 billion ($180 million) bid from Tanzanian conglomerate Amsons Group, which is offering Sh65 per share.

“Both Savannah Clinker and Amsons Group have submitted formal bids to Bamburi Cement’s board. While Amsons Group has maintained its initial offer, Savannah Clinker’s increased bid is more attractive for shareholders,” said Savannah Clinker in a statement.

Bamburi Cement’s board has deemed both offers reasonable and advised shareholders to accept either by December 5, 2024.

Founded in 2019, Savannah Clinker specializes in mining, manufacturing, and cement solutions.

The firm is also developing a limestone extraction and clinker processing plant in Kitui County.