SANDTON, SOUTH AFRICA — Tiger Brands said on March 25 that it is no longer acquiring Kenyan flour milling and bread baking businesses, as it initially announced in February.
Tiger Brands said by mutual agreement of all parties — Rafiki Millers and Magic Oven Bakeries — the acquisition agreements had been terminated. No additional information was provided.
The deal was valued at $25 million.
According to the Kenya Revenue Authority, Rafiki Millers is Kenya’s fourth-largest miller behind Mombasa Millers, Pembe Millers and Premier Group on income tax.
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