AForbes buyout offer boosted

AForbes buyout offer boosted

JOHANNESBURG – South African financial services group Alexander Forbes (AlexForbes) said yesterday a private equity consortium had increased its buyout offer for the firm to 17 rand from 16,25 rand.

Shares in Alex Forbes gained 3,13 per cent to 16,50 rand by 0905 GMT compared to 16,00 rand before the news and versus a 0,7 per cent rise in the midcap index. The firm did give a reason for the higher offer in a statement.The higher offer would increase the total value of the deal to 8,79 billion rand from the previous 8,4 billion, according to Reuters’ calculations.The statement did not give a total value for the deal, which included funding for liabilities.Last December the firm said the offer had been finalised and on January 24, South Africa’s Competition Tribunal said it had unconditionally approved the deal.The consortium is led by Britain’s Actis and includes South African private equity group Ethos, Harbourvest Partners LLC, two Canadian investment funds and a group of black South African investors.Nampa-ReutersThe firm did give a reason for the higher offer in a statement.The higher offer would increase the total value of the deal to 8,79 billion rand from the previous 8,4 billion, according to Reuters’ calculations.The statement did not give a total value for the deal, which included funding for liabilities.Last December the firm said the offer had been finalised and on January 24, South Africa’s Competition Tribunal said it had unconditionally approved the deal.The consortium is led by Britain’s Actis and includes South African private equity group Ethos, Harbourvest Partners LLC, two Canadian investment funds and a group of black South African investors.Nampa-Reuters

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