JSE-listed real estate investment trusts Fairvest and Safari Investments on Wednesday announced that their proposed merger has been terminated.
Safari on July 2 announced its firm intention to make an offer to acquire all the issued shares of Fairvest, by way of a scheme of arrangement, to effect a friendly merger between the companies.
Additionally, Safari announced on July 22 that it had received firm intention by Community Property Company (Comprop) to acquire all Safari’s issued ordinary share capital.
The Fairvest merger was subject to approval by the requisite majority of Safari shareholders.
Comprop attained undertakings from five Safari shareholders, holding 55.7% of Safari shares in issue, who undertook to vote against the Fairvest merger and in favour of the Comprop proposal.
Safari on Wednesday said it was now in a position to properly engage with Comprop on its proposal.