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Comprop offers R1.8bn in Safari takeover bid

22nd July 2019

By: Marleny Arnoldi

Deputy Editor Online

     

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Specialist investment company Futuregrowth Asset Management subsidiary Community Property Company (Comprop) has offered R1.8-billion to acquire the entire issued share capital of JSE-listed retail property fund Safari Investments.

This follows after Safari announced a share-for-share reverse takeover offer for Fairvest Property Holdings.

Comprop’s offer values Safari at R5.90 a share and the transaction will effectively delist Safari from the JSE.

Comprop says the offer will provide Safari shareholders with an opportunity to realise significant value for their shares, more than what they would attain in the short-to-medium term by remaining listed, even if the Fairvest reverse takeover offer is to be implemented.

It adds that it has received considerable support from Safari’s largest shareholders, holding about 55.7% of its shares, for the offer and that these shareholders plan to vote against the Safari shareholder resolutions that are required to implement the Fairvest reverse takeover offer and in favour of the scheme to implement the Comprop offer.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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