JSE-listed Afrimat will make a cash offer to acquire the entire remaining issued share capital of subsidiary Infrasors that it does not already own.
Afrimat holds 91.28% of the total issued ordinary share capital of Infrasors.
The transaction will be implemented by a scheme of arrangement, or a general offer should the scheme of arrangement not proceed.
Afrimat is offering R1.35 in cash per scheme share. The offer price represents a 19.47% premium on the 30-day volume weighted average traded price on June 9.
The implementation of the transaction is subject to the fulfilment or waiver of certain con- ditions precedent by no later than December 31. These include the receipt of approvals, consents or waivers from all regulatory bodies, governmental or quasi-governmental entities necessary to implement the transaction.