RDC Properties shows interest in acquiring Tower Property
JSE-listed Tower Property has advised that it has received a nonbinding expression of interest from Botswana-listed property and investment group RDC Properties to acquire all or most of Tower’s issued share capital.
The Tower board of directors has created an independent board to consider the offer and engage with RDC on the matter.
The potential transaction contemplates a cash offer by RDC to acquire all of the ordinary shares in Tower that it does not already own at a price of R4 a share by way of a scheme of arrangement.
Tower says the expression of interest was accompanied by various undertakings and letters of comfort from RDC’s shareholders and funders, which provide a degree of certainty to the Tower board that RDC has sufficient support from its shareholders to proceed with the potential transaction and that it will be able to discharge the cash consideration.
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