JOHANNESBURG May 17 South Africa's Allied
Electronics (Altron) said on Friday it had made a firm
offer to acquire all of the share capital in Allied Technologies
Limited (Altech) it does not already own.
Altron said in a statement it would make a cash offer of
47.50 rand a share, driving Altech's share price up more than 30
percent to 45 rand.
Altron said the proposed transaction would simplify the
group's corporate and operating structure and "create a single
listed point of entry into the Altron Group."
Altech is a telecom and IT firm which last month posted a 23
percent decline in year earnings and declared no dividend to
conserve its cash resources.
Altron's share price was 1.3 percent lower in late afternoon
trade in Johannesburg, underperforming the All-share index
which was down just 0.04 percent.
(Reporting by Ed Stoddard; Editing by Stella Mapenzauswa)