Final hours! Save up to 50% OFF InvestingProCLAIM SALE

BRIEF-Fairfax Africa announces partial offer to acquire shares of PPC Limited

Published 2017-09-04, 12:24 p/m
© Reuters.  BRIEF-Fairfax Africa announces partial offer to acquire shares of PPC Limited
HFPCu
-

Sept 4 (Reuters) - Fairfax Africa Holdings Corp FAHu.TO :

* Fairfax Africa announces partial offer to acquire shares of PPC Limited and support of proposed merger with AfriSam group proprietary limited through recapitalization transaction

* Partial offer to acquire shares of PPC representing a value of R2 billion for cash consideration of R5.75 (about $0.44) per ordinary share

* Unit submitted letter to board of PPC Limited to make partial offer to acquire shares of PPC representing value of R2 billion

* Fairfax Africa received irrevocable support of PIC, Phembani, AfriSam regarding partial offer, recapitalisation and merger

* Consideration for partial offer will be settled by FSA in cash

* FSA would hold approximately 23% of outstanding shares of PPC prior to consummation of merger

* FSA entered into non-revolving term letter of credit facility, available by way of letter of credit in amount of R2 billion

* Upon completion of offer, Fairfax consortium would hold about 38.6% of outstanding shares of combined company

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.