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Johannesburg- Avusa [JSE:AVU], owners of I-Net Bridge/BusinessLIVE, said on Friday that it had concluded a due diligence agreement with a consortium led by private equity firm Capitau Holdings.
It has received an unsolicited expression of interest to acquire the entire issued share capital of the media and entertainment group from a consortium led by Capitau.
The due diligence agreement was a pre-requisite to the start of the process which commences on July 12.
An independent sub-committee of Avusa has agreed to grant the consortium a six-week due diligence period, ending on August 24.
"The independent sub-committee has also requested that a firm intention to make an offer by the consortium, if forthcoming, be delivered within two weeks of the completion of the due diligence being on or before September 7 2011," it said.
Shareholders were also reminded that by allowing Capitau to conduct the due diligence, the independent sub-committee had not yet concluded whether the proposed acquisition was in the best interests of the company and its shareholders and therefore does not yet express an opinion thereon.
It has received an unsolicited expression of interest to acquire the entire issued share capital of the media and entertainment group from a consortium led by Capitau.
The due diligence agreement was a pre-requisite to the start of the process which commences on July 12.
An independent sub-committee of Avusa has agreed to grant the consortium a six-week due diligence period, ending on August 24.
"The independent sub-committee has also requested that a firm intention to make an offer by the consortium, if forthcoming, be delivered within two weeks of the completion of the due diligence being on or before September 7 2011," it said.
Shareholders were also reminded that by allowing Capitau to conduct the due diligence, the independent sub-committee had not yet concluded whether the proposed acquisition was in the best interests of the company and its shareholders and therefore does not yet express an opinion thereon.
