Industrial Reporter
SUPER Group has adopted a wait-andsee approach to last Friday's surprise counter by investment bank Mettle for DNA Supply Chain, the supply chain management group.
Mettle's offer through its Sage Wise 29 subsidiary will expire today. The offer made what was almost a done deal for Super Group a lot more challenging, and gave DNA's board a difficult choice. Super Group CEO Larry Lipshitz said his group would be "continuing with the current process", and had no plans to make any changes to its offer for DNA.
DNA said its board would study Mettle's offer, but its first impression was it was "not capable of implementation".
Mettle equity executive Andre van der Veen said his group was explaining details of the offer to the independent adviser to DNA's board. This was not a hostile bid but rather an alternative to Super Group's offer. Van der Veen said his group knew the company well, and could bring financial expertise to DNA.
DNA CEO Mark Kaplin said Mettle made its offer only late last week, and Lipshitz said he heard of the counter offer at the same time everyone else did.
Meanwhile, Super Group announced that it had won a R400m contract to manage Premier Foods' supply chain for the next five years.
Jun 03 2003 07:49:48:000AM Larry Claasen Business Day 1st Edition
Tuesday
03 June 2003
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