Johannesburg - Zeder Investments
[JSE:ZED] announced
on Tuesday that it had made a cash offer to acquire all Capespan shares
at 225 cents per share.
Capespan operates in the global fruit marketing and
distribution space, and is a provider of supply chain service solutions,
with operations in 34 countries.
Zeder owns about 27.7% of the shares of Capespan.
Zeder said the market share of Capespan's fruit distribution
business had reduced over the years, given the fact that the environment
within which the latter operated had changed dramatically.
"This represents both a challenge and an opportunity, and
Capespan will have to adapt in order to overcome same and to achieve
growth going forward. The aforesaid is not without risk, and finance
and patience will be required. A shareholder of reference, like Zeder,
will be best suited to assist Capespan in addressing these challenges,"
Zeder said.
The offer consideration of 225c per share was a premium
of 29.5% to the 30-day volume weighted average traded price of Capespan
shares of 173.7c per share, Zeder said.
The deal was subject to conditions precedent, including the approval of the competition authorities.