Exchange-Listed Companies
This week, shareholders of Barloworld made known their feelings of the proposed buyout of the company by the current CEO and the Zahid Group and the perceived governance issues surrounding the takeover process, by failing to pass a number of special resolutions necessary in order to approve the scheme. The company needed the support of 75% of shareholders to push the deal through but managed to garner just 36.63%. This has triggered the standby offer as per the company’s circular released in January. The company will issue the timetable applicable to the standby offer in the next few days.
Old Mutual Infrastructure Investment Trust Fund (Malawi) is to acquire a 25% stake in Golomoti JCM Solar Corporation from the Private infrastructure Development Group’s InfraCo Africa. Financial details were not disclosed.
Prosus has made an offer to Just Eat Takeaway.com shareholders to acquire 100% of the leading on-line delivery company for an all-cash offer of €20.30 per share, valuing the company at €4,1 billion. The offer represents a premium of 63% to the company’s closing share price of 21 February 2025, and a 49% premium over the three-month VWAP. The offer consideration will be funded through cash resources.
The Programmatic JV – a joint venture between Irongate (in which Burstone has a 50% shareholding) and TP Angelo Gordon, has concluded the acquisition of A$280 million of Australian industrial logistics assets in New South Wales and Queensland for an equity tag of A$133 million for the four assets. The parties committed A$200 million to the joint venture with the aim to upsize upon successful deployment.
Sibanye-Stillwater has updated shareholders that it has made the decision not to proceed with the Rhyolite Ridge Lithium-Boron Project under the joint venture with ioneer. The establishment of the joint venture announced in September 2021 was subject to various conditions precedent. Following a due diligence by Sibanye on the technical summary and updated reports, the project did not meet its investment hurdle rates.
Cilo Cybin (CC) has been granted a time extension of 7 April 2025 for the distribution of the circular to shareholders. In December 2024, CC announced the proposed acquisition of Cilo Cybin Pharmaceutical. The acquisition constitutes an acquisition of assets, a related party transaction and a reverse takeover for the company.
Unlisted Companies
Clearwater Capital, a private equity firm based in KwaZulu-Natal, has acquired SnoLink Logistics from Etlin International’s storage and logistics arm. Clearwater Capital aims to expand the logistics provider’s national footprint. SnoLink specialises in solutions for frozen, chilled and ambient temperature-controlled product warehousing, port-clearing services and long-haul distribution to retailers.
Local venture capital group Havaíc has exited its investment in emergency services technology provider RapidDeploy. The investment, which was first made in 2022, was followed by further investments in 2023 and 2024. The exit, the value of which is undisclosed, is to NYSE-listed US technology group Motorola Solutions.
DealMakers is SA’s quarterly M&A publication.
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