Eqstra, Protech takeover offer period extended to July 31
The Takeover Regulation Panel has granted construction and mining equipment group Eqstra an extension in respect of its offer to acquire all Protech Khuthele shares that it does not already hold – about 67.23% of the Protech share capital – for a cash consideration of 60c a share.
The offer period had been extended to July 31 and, accordingly, Eqstra had until this date to announce whether or not the offer was unconditional as to acceptances or had terminated.
In March, JSE-listed Protech advised its shareholders to reject the R146-million offer by Eqstra to acquire the interest, stating that it was “unfair and unreasonable” to shareholders.
At the time, Protech CEO Anthony Page said synergies between the two companies would have to be discussed.
“Protech and Eqstra’s business models are very different; Eqstra is an asset-based leasing business and Protech is a construction business. I do not yet know how these will tie together,” he commented at the time.
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