Diageo PLC on Monday said it has launched an equity tender offer to increase its stake in East African Breweries PLC to a maximum 65% from currently 50%.

Diageo is a London-based brewer and distiller with brands including Guinness Baileys, Tanqueray, Johnnie Walker, Smirnoff and Captain Morgan. EAB offers beer and spirits brands such as Tusker and Serengeti Lager, primarily in Kenya, Uganda and Tanzania.

Diageo said the tender offer will run from Monday to March 17 and is via its subsidiary Diageo Kenya Ltd. The offer price is KES192.00 per share, about $1.54. Diageo will buy up to 118.4 million shares, making the offer worth up to $182.3 million.

Diageo shares were 0.3% lower at 3,567.00 pence each in London on Monday morning.

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