Heywood offer in at 770c per AMB share
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By Helmo Preuss
Investment trust Heywood has made a conditional offer at 770 cents per African Merchant Bank (AMB) share to AMB minorities after Investec (INP) bought some 33 million shares from asset manager Alan Gray.
Heywood, which is a warehousing investment trust made up of AMB management and a still-to-be-decided black empowerment partner, will now buy the shares from Investec at 770 cents per share and has made an offer to AMB minorities at the same price.
The conditions precedent are approval from the competition authorities and the Securities Regulation Panel (SRP).
In the event that acceptances in terms of the offer are received in respect of not less than nine-tenths of the offer shares, Heywood intends to invoke the provisions of section 440K of the Companies Act in order to acquire the offer shares in respect of which acceptances have not been received, compulsorily.
The AMB share price was last at 760 cents after closing at 680 cents on August 5, while its 30-day average was 575 cents.
The offer document is in the course of preparation and will, subject to the approval of the JSE, the SRP and the South African Reserve Bank, be posted to AMB shareholders in due course.
Further announcements, including the salient dates pertaining to the offer, will be published in due course.
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