JSE-listed Afrimat has submitted a nonbinding expression of interest to acquire the remaining shares in Unicorn Capital Partners it does not already own.
Afrimat is offering one new Afrimat share for every 280 Unicorn Capital shares held.
The board of directors of Unicorn has agreed to enter into exclusive negotiations with Afrimat in connection with the nonbinding expression of interest.
Further, Afrimat has, on a confidential basis, obtained irrevocable undertakings from Unicorn Capital shareholders holding, in aggregate, 57% of Unicorn Capital’s issued share capital, to vote in favour of the scheme of arrangement, should a firm intention offer subsequently be made by Afrimat and the scheme be put to Unicorn’s shareholders for approval.