By Paul McBeth
Thursday 11th December 2008
|Text too small?|
The Board of BESA has recommended shareholders accept the Johannesburg Stock Exchange offer of 125 rand per share, after turning down an earlier offer of 90 rand. NZX is the biggest shareholder in BESA, having acquired its 22% stake on October 3 for 73.17 rand.
"The NZX anticipates accepting the offer, and will update the market once it has been finalised," said Lucy McFadden, spokeswoman for NZX.
In November, NZX said JSE's offer of 90 rand was "very significantly below fair value," and it would not support the takeover. The deal is expected to be completed next year with a single payment concluding the deal.
NZX's stock last traded at $5.47, and has fallen 40% over the last 12 months.
No comments yet
NZ dollar falls, NZX suspends trading after 6.2 magnitude Wellington earthquake
Cash trading on New Zealand stock exchange surges in first half, driven by equities
NZX cash trading tops $5 bln as MightyRiverPower listing beefs up market
NZX cash trading value jumps by 58 percent in February from a year earlier
NZX looks to launch spot gas market in June
NZX full-year profit falls 32 percent
NZX boss Bennett rounds out 2012 filings with $1.87M share acquisition
Equity trading jumps in NZX cash market as NZX 50 nears 5-year high
NZX names Amelia Wong as head of cash markets
NZX rings more changes as PR chief Macrae exits