The board of NSE-listed oil marketer have already endorsed the proposed takeover of the firm by French company.
Following the approval by the board, shareholders now have until February 18th to accept or reject the offer.
“After deliberations and on the basis of independent financial advice, the directors (of KenolKobil) are recommending to the shareholders of the company that they should accept the takeover offer by Rubis Energie,” said KenolKobil chairman James Mathenge in a statement on Friday.
“The board was served with the offer document by the offeror on December 20, 2018 after they had obtained the requisite regulatory approvals. The offer subsequently opened on December 20 and will close at 5pm on February 18, 2019,”
KenolKobil Limited is a pan African downstream oil company. The group's operations span seven countries across Eastern, Central and Southern Africa and encompass the supply, storage, distribution and retail of a wide range of petroleum products.
The French firm already owns a 25 per cent stake in KenolKobil (367.8 million shares), which it bought from Wells Petroleum in October 2018 at Sh15.30 per share for a total of Sh5.63 billion ahead of making the takeover bid.
Rubis has proposed to pay Sh23 a share for the remaining 75 per cent stake, valuing the company at Sh35.7 billion.
If successful, the takeover will result in the delisting of KenolKobil from the NSE.