https://www.engineeringnews.co.za

PPC advises shareholders not to accept Fairfax offer

22nd November 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JSE-listed PPC’s board on Wednesday advised shareholders not to accept the R2-billion partial offer from a Fairfax subsidiary.

The partial offer is conditional on shareholder approval, which will give effect to a merger between PPC and AfriSam Group.

“[We] are taking into account various considerations including, the views of an independent expert, PPC’s own valuation work, PPC forecasts and recent financial and business performance, the need for payment of a control premium, feedback from shareholders and the independent board’s assessment of risks associated with the partial offer,” the company said in a statement on Wednesday.

The JSE-listed company further said its independent expert, having considered two possible outcomes of the proposed merger, found the offer unfair and unreasonable.

Meanwhile, the construction company noted that it was continuing its engagements with CRH and LafargeHolcim regarding their respective nonbinding expressions of interest.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.053 0.898s - 135pq - 2rq
Subscribe Now