Publications
Partners
Johannesburg – Tile maker Italtile on Tuesday renewed its cautionary with regard to its bid for Ceramic Industries (CIL).
In May Italtile submitted a conditional offer to the board of Ceramic Industries to acquire between 15% and 20% of the company’s issued share capital from shareholders.
The proposed consideration was R130 per CIL share‚ in cash.
Ceramic Industries is one of Italtile’s key suppliers of tiles‚ sanitaryware and baths.
Italtile said the proposed deal was aimed at strengthening its relationship with Ceramic to support its growth objectives.
The offer was made to Ceramic shareholders other than Rallen‚ who is the majority shareholder of both Italtile and Ceramic.
Ceramic shareholders were further advised in June that‚ should Italtile succeed‚ this would lead to a proposal to delist Ceramic from the JSE.
“Shareholders are advised to continue to exercise caution when dealing in their respective Italtile and Ceramic securities until an announcement reflecting the terms of the offer is published‚” the company said on Tuesday.
It added that the Italtile board of directors and a committee of Ceramic directors independent of Italtile and Rallen were in the process of finalising the documents and amendments to trust deeds and agreements that were required to satisfy Italtile’s pre-conditions to making the proposed offe.
Ceramic’s independent directors have also appointed Nodus Capital to provide a fair and reasonable opinion in regard to the offer.
“The independent adviser will finalise its opinion once it has received the notice of a firm intention to make the offer‚” it said.
In May Italtile submitted a conditional offer to the board of Ceramic Industries to acquire between 15% and 20% of the company’s issued share capital from shareholders.
The proposed consideration was R130 per CIL share‚ in cash.
Ceramic Industries is one of Italtile’s key suppliers of tiles‚ sanitaryware and baths.
Italtile said the proposed deal was aimed at strengthening its relationship with Ceramic to support its growth objectives.
The offer was made to Ceramic shareholders other than Rallen‚ who is the majority shareholder of both Italtile and Ceramic.
Ceramic shareholders were further advised in June that‚ should Italtile succeed‚ this would lead to a proposal to delist Ceramic from the JSE.
“Shareholders are advised to continue to exercise caution when dealing in their respective Italtile and Ceramic securities until an announcement reflecting the terms of the offer is published‚” the company said on Tuesday.
It added that the Italtile board of directors and a committee of Ceramic directors independent of Italtile and Rallen were in the process of finalising the documents and amendments to trust deeds and agreements that were required to satisfy Italtile’s pre-conditions to making the proposed offe.
Ceramic’s independent directors have also appointed Nodus Capital to provide a fair and reasonable opinion in regard to the offer.
“The independent adviser will finalise its opinion once it has received the notice of a firm intention to make the offer‚” it said.
