Advertise on Bizcommunity

Subscribe to industry newsletters

Jilted PPC slides in morning trade

PPC's share price fell 3.5% to R6.65 on Thursday morning, 7 December, after it informed shareholders it had been jilted on Monday by one of its three suitors, Dublin-based CRH.
© Sasin Tipchai – 123RF.com
The cement maker said CRH, after conducting an initial due diligence, advised it on December 4 that it had decided not to proceed with an offer to buy the company.

This still leaves Canadian financier Fairfax and Swiss building materials group LafargeHolcim as potential acquirers.

On November 22, PPC issued a statement saying its independent board had advised shareholders to reject Fairfax's R5.75 per share offer.

Fairfax has set a R2bn limit to the number of shares it is willing to buy, and has made it a condition that PPC merge with AfriSam.

"Given that the takeover regulation panel has granted Fairfax Africa Investments an extension of the date by which it is required to post its partial offer circular until December 12, and that the independent board continues to engage with LafargeHolcim in respect of its approach, PPC shareholders are advised to continue to exercise caution when dealing in securities of PPC until a further announcement is made," the company said in Thursday's statement.

Source: BDpro
Get a daily news update via WhatsApp or sign up to our newsletters.


I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za