BVT - The Bidvest Group Limited - Announcement to Bidvest and Nampak Limited
BVT
BVT
BVT - The Bidvest Group Limited - Announcement to Bidvest and Nampak Limited
("Nampak") ordinary shareholders
The Bidvest Group Limited
Incorporated in the Republic of South Africa
Registration number 1946/021180/06
Share code: BVT
ISIN: ZAE000117321
("Bidvest")
Announcement to Bidvest and Nampak Limited ("Nampak") ordinary shareholders
Bidvest and Nampak ordinary shareholders are referred to the announcement by
Bidvest released on the Securities Exchange News Service ("SENS") of the JSE
Limited on September 29 2008 ("the September 29 announcement") in relation to
Bidvest making a pro rata offer to acquire up to 30% of the Nampak ordinary
shares held by each of the Nampak ordinary shareholders, other than Nampak or
any of its subsidiaries ("the pro rata offer").
In terms of the September 29 announcement shareholders were notified that
Bidvest would evaluate the information made available in an announcement by
Nampak on September 26 2008, and the subsequent discussions with Nampak
management in relation to matters contained in that announcement ("the Nampak
Update"), before deciding on whether to proceed with the pro rata offer at the
price, or at all.
The Nampak Update, together with the material adverse change in market
conditions, in Bidvest`s view, constitutes a material adverse change in
Bidvest`s valuation of Nampak. Accordingly, Bidvest will not be proceeding with
the pro rata offer.
By order of the Board
The Bidvest Group Limited
October 8 2008
Sandton
Investment bank Legal advisor to
and sponsor to Bidvest
Bidvest
Investec Bank Cliffe Dekker Hofmeyr
Limited
Date: 08/10/2008 13:28:26 Produced by the JSE SENS Department.
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