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Johannesburg - Private equity group Brait SA has offered R1.7bn for all the shares it does not already own in Freeworld Coatings, a maker of automotive and industrial coatings.
Brait will offer R10.45 per share per Freeworld share, the two firms said in a joint announcement. That represents a premium of almost 16% on Tuesday's closing price of R9.01.
The bid was announced after the close of trade in Johannesburg. It also represents a 34.6% premium on the share's closing 30-day volume weighted average traded price.
Brait, through its unit VVT Infrastructure Investments, already owns 18.86% in Freeworld.
Following the implementation of the deal, Freeworld would be delisted from the JSE.
Nedbank has agreed to fund the deal.
Freeworld Coatings, which has a market capitalisation of R1.8bn, was spun off by South African industrial group Barloworld in 2007.
- Reuters