Barloworld, Newco extend standby offer closing date to Nov 7
Industrial equipment company Barloworld and Newco have agreed to extend the standby offer closing date from October 15 to November 7 to provide Barloworld ordinary shareholders additional time to accept the standby offer.
Newco is a special-purpose company formed to acquire Barloworld. It is owned by a consortium that includes South African company Entsha Proprietary and Saudi Arabia’s Zahid Group subsidiary Gulf Falcon Holding.
This comes after it was announced that Newco had received valid acceptances of its standby offer for 108.25-million Barloworld ordinary shares, representing about 58% of all shares in issue, excluding treasury shares.
When combined with existing holdings by the consortium backing Newco’s acquisition of Barloworld and the Barloworld Foundation, this brings total control to 81.4% of Barloworld shares in issue, excluding treasury shares.
Provided that the consortium receives the compliance certificate from the Takeover Regulation Panel (TRP) in respect of the standby offer by no later than October 7, the settlement of the standby offer will start with an initial payment on October 8, with several payments thereafter, leading to the sixth and final payment taking place on November 10.
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