Exchange-Listed Companies
The consortium, comprising Entsha which is ultimately owned by Barloworld CEO Dominic Sewela and the Zahid Group, offering to buyout minorities of Barloworld has issued a statement confirming there will be no increase in the current final offer price of R120 per share. This, despite 17.7% shareholder UK-based Silchester rejecting the offer stating it was looking for R130 per share. Independent Expert, Rothschild & Co, reported a valuation range of R105.53 to R119.43 per share as fair and reasonable. The PIC which holds c.19% is yet to disclose whether it will accept the offer.
Tongaat Hulett, the embattled sugar producer in Business Rescue, has signed an agreement with Ball Foundry (Vision parties) to dispose of its operations in Mozambique. The assets are held in three entities which include 85% of Tongaat Hulett Açucareira de Moçambique SA. The Mozambique government will hold the remaining 15%. The purchase price payable by Vision will be the fair market value and set off against a portion of the Lender Group Claims – to be announced in due course. Late last year and in January this year, the Vision parties announced the acquisition of the assets in South Africa, Zimbabwe and Botswana.
DealMakers is SA’s quarterly M&A publication.
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