Johannesburg - Private schools operator Curro Holdings [JSE:COH] on Thursday relaunched its R6bn bid for rival Advtech [JSE:ADH].
Advtech's board rejected Curro's offer on Tuesday, saying it was not in the company's interests. Curro, however, has backing of Advtech's two biggest shareholders, who between them hold about 35% stake.
The offer was resubmitted on similar terms to those in the bid spurned by Advtech's board, Curro said in a statement.
READ: Curro may go hostile with R6bn bid for Advtech
Under the cash-and-share bid, which is at a 12% premium to Tuesday's closing price, Advtech shareholders were offered 1 share for every 2.59 they hold at R13 per share and at least 50% cash for those not willing to accept shares.
"Minority shareholders will likely be able to receive 100% cash, as many of the major Advtech shareholders have indicated a preference for Curro shares," Curro said.
READ: Curro still mulling offer for SA schools group Advtech
Shares in Advtech were up 1.56% at R12.39, slightly below the bid price.
The deal, if successful, could create an education company valued at more than $1.5bn with enough financial muscle to roll out more private schools in Africa's most advanced economy.
Coronation Fund Managers and Kagiso Asset Management are Advtech's biggest shareholders holding about 24% and 11%, respectively.