Who's doing what this week in the South African M&A space?
INCE CONNECT - DEALMAKERS / 30 APRIL 2021 - 05.00 / MARYLOU GREIG
Exchange Listed Companies
Imperial Logistics has announced a new five year BEE deal which will see a 25% stake in subsidiary Imperial Logistics South Africa (ILSA) held by three shareholders - Converting Trade (joint venture between Afropulse [61%] and Willowton Group Investments One [39%]), Willowton and Afropulse. In terms of the transaction, Converting Trade will restructure its current 25% shareholding in Imperial Logistics Advance for a 9.9% stake, on a value for value basis, in ILSA. Willowton and Afropulse will acquire a further 15% stake (8.53% and 6.58% respectively) in ILSA valued at R628,4 million for R502,8 million post the application of the 20% discount provided by Imperial.
Emira Property Fund has advised shareholders it has received an offer by local firm Maitlantic 10 and Cayman Islands-registered hedge fund Clearance Cantara Master Fund to acquire the remaining shares in Emira for R9.15 per share for an aggregate total of R2,87 billion. The offer comes as the two largest shareholders' collective stake of 35% triggers a mandatory offer in terms of the JSE listing requirements. The company's BEE parties holding an c.5% stake have provided irrevocable undertakings to reject the offer
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER