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Johannesburg - Times Media Group [JSE:TMG] said in a Sens announcement on Thursday that the company has received a formal notification that Kagiso Asset Management has acquired an interest in the securities of the company and that the total interest in the securities of the company now held by Kagiso amounts to 15.01% of the total issued share capital of the company.
Times Media Group (TMG) announced early in December that it has appointed an independent board to consider an offer from investment company Blackstar to acquire its entire ordinary issued share capital.
Blackstar currently owns 32.5% of TMG shares and intends to acquire the remaining 67.5% under the proposed scheme of arrangement.
TMG would then become a wholly owned subsidiary of Blackstar. Blackstar and Times Media CEO Andrew Bonamour said the move demonstrated the investment company’s commitment to the media group.