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The Bidvest Group Ltd Announces Joint Announcement Relating To Firm Intention By Bidvest To Make Cash Offer To Acquire Entire Issued Ordinary Share Capital Of Mvelaserve

Monday, 13 May 2013 07:58am EDT 

The Bidvest Group Ltd announced that on May 8 2013 the board of directors of Mvelaserve received a firm intention letter from Bidvest (Firm Intention Letter) proposing the acquisition by Bidvest of the entire issued ordinary share capital, of Mvelaserve, excluding treasury shares, that it does not already own or has entered into an agreement to acquire (the/this Proposed Transaction). Bidvest currently owns 49,188,683 shares in Mvelaserve which constitutes approximately 34.75% of the issued ordinary share capital of Mvelaserve. Bidvest has entered into a conditional agreement with Mvelaphanda Holdings (Pty) Ltd (Mvela Holdings) to acquire 25,009,438 ordinary shares of no par value each, constituting approximately 17.67%, of the issued ordinary share capital of Mvelaserve at a price of ZAR8.50 per share (Acquisition Agreement). Should Bidvest acquire any Mvelaserve ordinary shares as a result of the Proposed Transaction, not already held by Bidvest or outside the Acquisition Agreement (Remaining Shares), at a higher price than R8.50 Mvela Holdings will receive the higher price paid per share for the Remaining Shares in respect of the shares sold in terms of the Acquisition Agreement. Bidvest proposes to fund the full purchase consideration in cash from its own resources. The TRP has been provided with a bank guarantee from The Standard Bank of South Africa Limited in compliance with Regulations 111(4)(a) and 111(5) of the Companies Regulations, 2011. 

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-546.0 -1.85%
30 Jul 2014