Reuters logo
S.Africa's Group Five allows Greenbay's $116 mln bid to lapse
October 20, 2017 / 2:39 PM / in a month

S.Africa's Group Five allows Greenbay's $116 mln bid to lapse

JOHANNESBURG, Oct 20 (Reuters) - South African construction firm Group Five said on Friday it will allow a 1.6 billion rand ($116 million) offer from Greenbay Properties to lapse at 1500 GMT, sending it’s shares down more than 11 percent.

On Monday, Greenbay offered to buy the Group Five’s European assets and gave it until Oct. 20 to accept the offer, which the firm said undervalued its assets compared with possible rival bids.

Shares in Group Five tumbled 11.20 percent to 11.10 rand after the announcement. ($1 = 13.7372 rand) (Reporting by Nqobile Dludla; Editing by James Macharia)

Our Standards:The Thomson Reuters Trust Principles.
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