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Johannesburg - Zeder Investments [JSE:ZED] announced on Monday that it had accepted an offer by investment holding company Hosken Consolidated Investments [JSE:HCI] to buy out its 31.8% shareholding in KWV Holdings.
Zeder is an investment company that focuses on the agricultural, food, beverages, food processing and related sectors.
HCI will pay Zeder R11.80 per KWV share in cash.
The effective date for the disposal was Monday, and not subject to any conditions precedent.
"Zeder considered the HCI offer and the Zeder board is of the opinion that for such a cash offer, its stake in KWV Holdings represents a fair offer and return on investment to Zeder," it said.
KWV is a commercial business focusing primarily on the wine and brandy industry, both locally and abroad.
Last week Pioneer withdrew a R828m offer to take over KWV, leaving it open to other suitors, including British-based Halewood. Pioneer had offered R12 per share.
