Diniz Holdings Limited made an offer to acquire 38.4% stake in Express Kenya Limited (NASE:XPRS) for KES 74.7 million on December 1, 2017. Diniz Holdings will acquire 13.6 million shares of Express Kenya at KES 5.5 per share. The offer is subject to recommendation of the Board of Directors of Express Kenya to the shareholders of Express Kenya to accept the offer, approval of Express Kenya shareholders holding at least 13.4% stake, approval by Competition Authority of Kenya, approval of any other relevant regulatory authorities, special resolution of the shareholders of Express Kenya shall have been passed approving the de-listing of Express Kenya with such de-listing taking effect upon the Take-Over becoming unconditional. If the take-over offer is accepted by shareholders of Express Kenya holding not less than 28.4%, Diniz Holdings may offer to compulsorily acquire the balance of the remaining shares. As of July 17, 2018, the shareholder of Express Kenya Limited rejected the offer and the shareholders whol had accepted offer of KES 5.5 per share will not be paid. Following outcome, the company will not be de-listed from the Nairobi Securities Exchange. Dyer & Blair Investment Bank Limited acted as a financial advisor, Hamilton Harrison & Mathews acted as a legal advisor, Custody and Registrars Services Limited acted as a registrar, Diamond Trust Bank acted as a paying bank to Diniz Holdings. Diniz Holdings Limited cancelled he acquisition of 38.4% stake in Express Kenya Limited (NASE:XPRS) in 2018.