• Thinking strategically

    Do policymakers actually consider improving trade performance, asks Geoffrey Chapman.

  • Power problems

    It's an iron law: no electricity, no modern economy, says Leopold Scholtz.

  • M2M money train

    SA's biggest mobile operators have found a new revenue stream, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Bidvest to buy out appliance unit

Nov 29 2012 10:57 Reuters

Company Data

THE BIDVEST GROUP LIMITED [JSE:BVT]

Last traded 290.50
Change -2.49
% Change -0.01
Cumulative volume 326974
Market cap 96.22bn

Last Updated: 21/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Bidvest profit boosted by weak rand

Bidvest earnings expected to jump

CEO lauds Bidvest Bank perfomance

Bidvest drives up profit

Amap lifts diluted earnings

Bidvest confirms bid for Capespan

 

Johannesburg - The Bidvest Group [JSE:BVT] has offered to buy the remaining 72% stake in Amalgamated Appliance Holdings [JSE:AMA] it does not already own, in a $61m cash deal.

Bidvest, a sprawling conglomerate with interests in everything from catering to car sales, has offered R3.50 a share for the distributor and retailer of household appliances, the two companies said in a statement on Wednesday.

The offer represents a 10% premium to Amalgamated Appliance's closing price on Tuesday.

The deal would be worth R537.9m, according to Reuters calculations.

The acquisition will allow Bidvest, which currently holds 27.6% of Amalgamated Appliances, to fully integrate the company into its stable of subsidiaries.

Amalgamated Appliances will also gain better access to Bidvest's customer base, the companies said.

Shares of Amalgamated Appliances surged 6.7% to R3.4 on the news, while shares of Bidvest fell 1.6% to R205.80.

Investec advised Bidvest on the deal while Bridge Capital advised Amalgamated Appliances.

 

Follow Fin24 on Twitter, Facebook

the bidvest group
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...