Over 75% of shareholders with a stake in internet services company AccessKenya have accepted a takeover bid from South Africa headquartered IT firm Dimension Data.

On Wednesday, DiData announced that its offer for up to 100% of the issued shares of AccessKenya Group has become unconditional with regard to shareholder acceptances.

Moreover, a company statement published on the AccessKenya website on Wednesday has said the proposed transaction has received approval from the Competition Authority of Kenya.

Both the 75% shareholder acceptance threshold and the approval from the Competition Authority of Kenya are key conditions of the transaction, AccessKenya has said on its website.

In May this year, Johannesburg based Dimension Data made a Ksh3 billion (R326.4 million) offer to acquire AccessKenya. Dimension Data said that to buy the firm, it is offering Ksh14.00 (R1.50) per share, a premium of 42%.

“With the offer period closing on 15 August 2013, we are extremely pleased that the 75% acceptance threshold has been reached, and based on the feedback we are receiving from brokers and shareholders, we expect the rate of acceptances to increase between now and the close of business tomorrow (Thursday),” Geoffrey Gangla, managing director at Pamoja Capital Limited -- Dimension Data’s advisor on the take-over bid -- said on Wednesday.

“Receiving approval from the Competition Authority of Kenya is also one of the most important pre-conditions of this transaction,” added Gangla.

Gangla has further noted in a statement that Pamoja and various stockbrokers have been contacted during the offer period by shareholders who had “mislaid their documentation, or recently changed addresses, and therefore had not received their documents.”

“Our team is working round the clock to help these shareholders receive and complete their forms. If you need your forms please contact ourselves or your stockbroker or investment bank and we will assist you as time is running short,” said Gangla.