Nairobi, Jan. 21 -- Small investors will get a higher buyout price of Sh105 per share in Nedbank's bid for a 66 percent stake in NCBA Group, with high-net-worth investors set to get a combined price of Sh98.72 per share in a composite cash-and-stock deal.

The South African bank has made an offer worth 13.9 billion rand (Sh109.9 billion) to all shareholders of NCBA to buy them out on a pro rata basis mostly using its shares to fund the transaction besides a cash component.

This means that NCBA investors can tender 66 percent of their shares. Out of this pool of shares, 80 percent of the units will be converted into Nedbank shares at a rateof 4.02994 shares for each 100 shares.

The Nedbank shares are priced at 250 rands (Sh1,928.5) in th...