Newco, consortium secure majority control in Barloworld takeover
Industrial equipment company Barloworld and Newco have announced that Newco has 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.
“We . . . have achieved major transaction milestones this past week. The standby offer becoming unconditional has prompted a surge in valid acceptances received. [This brings] us significantly closer to achieving our ambition of taking Barloworld private, which will ensure we are able to support the pursuit of the company’s existing long-term industrial growth strategy.
“We urge shareholders who have not yet accepted the standby offer to act swiftly before it closes on October 15 to be entitled to receive the per share standby offer consideration,” Newco spokesperson Sydney Mhlarhi said on October 6.
The standby offer is conditional on the consortium receiving a compliance certificate from the Takeover Regulation Panel (TRP) by October 7.
Shareholders who have not yet accepted the offer have until October 15 to do so. Any shares not tendered by this deadline will no longer be eligible for the per share consideration.
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