The IST share rose by 19c or 10.9% to close at 194c on the JSE yesterday, on news that the consortium led by private equity fund Ethos had increased its offer to buy the group.
Ethos says it has advised the IST board that its new offer of R2 a share, up from R1.80, is its final offer.
As a result, the Securities Regulation Code and the rules of the Securities Regulation Panel bar it from increasing its offer any further.
With IST having 143.49 million shares in issue, the new offer values the group at just shy of R287 million.
The previous R1.80 offer met with strong objections from several minority shareholders who believed that the price was unfair.
Despite the increase, not everyone is happy. An analyst says although the revised offer is better, he believes it is still "a little" too low, as it does not adequately take into account the future potential of IST.
However, he says more minorities are likely to accept the offer now than before.
Black economic empowerment (BEE) company ICT Investments says it will increase its shareholding in the company to acquire IST, from 12.5% plus a share to 25% plus a share. The additional 12.5% was originally to have been warehoused for a future BEE partner.
The other parties in the consortium are Ethos (52.7%) and IST management and directors (22.3%).
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