May 17, 2013 / 2:41 PM / 5 years ago

UPDATE 1-S.Africa's Altron offers to buy out Altech minority shareholders

(Adds details)

JOHANNESBURG, May 17 (Reuters) - 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below