JSE-listed diversified investment management company Long4Life has received a formal proposal from Old Mutual Private Equity (OMPE) in relation to its proposed acquisition of all of the issued shares in Long4Life.
The proposed transaction contemplates a cash offer by OMPE to acquire all of the ordinary shares in Long4Life at R5.80 a Long4Life share, by way of a scheme of arrangement in accordance with the Companies Act, and the subsequent delisting of Long4Life from the JSE.
Prior to the submission of the formal proposal, OMPE had successfully concluded a due diligence investigation in respect of Long4Life.
The Long4Life board of directors has constituted an independent board, comprising Graham Dempster, Lionel Jacobs, Tasneem Abdool-Samad and Keneilwe Moloko, to consider and engage with OMPE in relation to the proposed transaction.
"Shareholders will be provided with further details in relation to the proposed transaction and related parameters in due course, if and when a firm intention to make an offer in respect of the proposed transaction is received by the company from OMPE," Long4Life says.