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Trans Hex Spurns South Africa's Richest Man
Sep 27, 2016 6:43 AM
By Rapaport News
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RAPAPORT... The board of Trans Hex Group advised shareholders to decline
a takeover bid from South Africa’s richest man, after a panel of independent
members found the offer underprices the miner.
Snowden Mining Industry Consultants Proprietary Ltd, which
was hired by the independent members of the board, valued the company at $0.59
(ZAR 8) per share, the rough producer said in a statement to the Johannesburg
Stock Exchange. This compares with $0.29 (ZAR 3.94) per share offered by Cream
Magenta and Metcap, both of which are owned by retail tycoon Christo Wiese, in
concert with RAC Investment Holdings.
“The independent board, having taken into account the
opinion of the independent expert regarding the offer, is of the opinion that
the terms of the offer are not fair and not reasonable to shareholders and,
accordingly, recommends that shareholders do not accept the offer,” Trans Hex
said.
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Tags:
Christo Wiese, Cream Magenta, Metcap, mining, RAC Investment Holdings, Rapaport News, Snowden Mining Industry Consultants Proprietary Ltd, South Africa, Trans Hex, Trans Hex Group
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