JSE-listed print, publishing and packaging manufacturing Novus has made an offer to buy JSE-listed ICT distributor Mustek.
In a statement today, Novus tells Mustek shareholders that it has acquired the beneficial ownership of ordinary issued shares in Mustek, which has resulted in Novus beneficially holding 35% or more of all the issued Mustek shares.
Accordingly, Novus will proceed to make a mandatory offer, as required in terms of section 123 of the Companies Act to acquire all of the Mustek shares not already beneficially held by Novus, or any of its related and concert parties.
Under the deal, Novus is offering a cash consideration of R13 for each Mustek share, a cash amount of R7 plus one ordinary share in Novus for each Mustek share and two Novus shares for each Mustek share tendered by a mandatory offer participant.
According to Novus, the mandatory offer consideration will be settled in full, in accordance with the terms of the mandatory offer, without regard to any lien, right of set-off, counterclaim or other analogous right to which the offerors may otherwise be, or claim to be, entitled against a mandatory offer participant.
Mustek has confirmed receiving the offer, saying it has already filed the required notice with the Takeover Regulation Panel.
Says the ICT distributor in a statement: “Mustek's board of directors is now commencing with due processes on their side regarding this corporate action.
“Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made.”
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