Johannesburg - Trans Hex Group said a consortium of companies holding more than 72% of the shares have made a mandatory cash offer to acquire the South African diamond producer.
Cream Magenta 140 Proprietary, Metcap 14 Proprietary and RAC Investment Holdings Proprietary "have come into concert and have made a mandatory cash offer," Trans Hex said in a statement on the Johannesburg Stock Exchange.
The offer follows an acquisition of 47% of ordinary shares in the company by Cream Magenta and Metcap.
Christo Wiese, South Africa’s richest man and the chairman of the nation’s biggest retailer, Shoprite Holdings [JSE:SHP], has formed the consortium with Regarding Capital Management, the Johannesburg-based Business Day newspaper reported, citing a person it didn’t identify.
The company’s request on August 5 to halt the trading of shares, pending the announcement, will be lifted Monday, it said. Details of the offer will be provided "in due course," Trans Hex said.
The offer could be between R3.90 and R3.94 a share, according to Business Day.