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Bidvest eyes remaining Mvelaserve shares

13th May 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Bidvest on Monday said it wanted to acquire the remaining share capital of JSE-listed integrated outsourced business support services company Mvelaserve that it did not already own.

The group, which already held a 34.75% stake or 49.1-million shares in Mvelaserve, aimed to acquire a further 17.67% interest, or 25-million ordinary shares of no par value, for R8.50 a share.

The parties noted in a joint statement that, should the deal see Bidvest acquire any remaining ordinary shares, the firm would up its per-share bid, to a maximum aggregate value of R608-million.

The agreement was based on a total of 141.09-million Mvelaserve shares in issue and on the assumption that all remaining shareholders accepted the offer.

The deal was subject to conditions, including approvals, consents or waivers from the JSE, the South African Reserve Bank and the competition authorities.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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