JSE-listed aluminium products supplier Hulamin’s share price has taken a 24% dive to around 378c apiece following the withdrawal of a buyout offer.
Hulamin in August last year received an expression of interest from an unnamed party to acquire the business, which Hulamin believed would have been beneficial to stakeholders and facilitate the growth of the business.
While the parties concluded a fair and reasonable deal price, approved by an independent board, and the offeror undertook a comprehensive due diligence, the offeror was unable to agree satisfactory terms with all of its stakeholders.
The offeror also became concerned about recent global economic uncertainty, and decided to withdraw from the deal.