Johannesburg - South Africa's merger regulator on Thursday dismissed an appeal by Freeworld Coatings [JSE:FWD] against the timetable of a takeover bid from Japan's Kansai Paint.
The dismissal brings the Japanese firm closer to acquiring Freeworld, in which it already has a stake.
In a statement the Securities Regulation Panel, which rules on proposed mergers and takeovers, ruled in favour of Kansai, saying the timetable of the deal was not cast in stone, and that Kansai had provided enough information about its offer to shareholders.
The dismissal brings the Japanese firm closer to acquiring Freeworld, in which it already has a stake.
In a statement the Securities Regulation Panel, which rules on proposed mergers and takeovers, ruled in favour of Kansai, saying the timetable of the deal was not cast in stone, and that Kansai had provided enough information about its offer to shareholders.