Rival bidders reach deal over Kenya's Rea Vipingo

 Kenya's Centum Investment has reached a deal with the majority owners of sisal grower Rea Vipingo after a protracted takeover battle between the two sides for the agricultural company.

REA Trading, which is registered in Britain and controls Rea Vipingo with a 57 percent stake, offered to buy out the minority shareholders and delist the firm in April last year, prompting a counter-offer for Rea Vipingo from Centum.

James Mworia, the chief executive of Centum, told Reuters on Friday his company would buy Rea Vipingo's land at the coast for 2 billion shillings ($21.7 million) while REA Trading would buy out the minority shareholders.

"It is a settlement ... we have withdrawn our offer," Mworia said, adding Centum would get prime land in the coastal county of Kilifi.

Rea Vipingo owns other tracts of land in other parts of Kenya and in neighbouring Tanzania.

Mworia said there were no losers in the settlement with Centum getting the land assets it wanted, the minority shareholders of Rea Vipingo getting an enhanced price for their shares and REA Trading getting its wish of fully owning Rea Vipingo and taking it private.