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NZX-owned BESA gets takeover offer at premium

Tuesday 28th October 2008

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The Bond Exchange of South Africa (BESA), which is 22% owned by NZX, received an unsolicited takeover offer from the Johannesburg Stock Exchange.

The offer was at a 23% premium to the valuation at which NZX acquired its shares on October 6, NZX said today. NZX shares last traded on Friday, when they rose almost 2% to NZ$6.04.

The Johannesburg exchange had 30 days to provide a detailed offer to shareholders, after which the board of BESA would have 14 days to respond.

By Jonathan Underhill

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