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Lion Match looking to acquire over 35% of Beige
Beige Holdings (BEG), a leading contract manufacturer and distributor of cosmetics, soaps, household products, toiletries, laundry soaps and allied bath and body care products for South African and international markets, said on Wednesday it had received notice that The Lion Match Company (Proprietary) Limited, a BBBEE company, had entered into an agreement to acquire Thebe Investment Corporation's shareholding in Beige.
The shareholding comprises 562,841,737 ordinary shares in Beige, which constitutes a shareholding in excess of 35% of the entire issued ordinary share capital of the company, net of treasury shares.
Beige cautioned that the agreement might result in a change in control as defined in the Companies Act 71 of 2008 and might also result in a mandatory offer to minority ordinary shareholders in Beige as well as a comparable offer to preference shareholders in Beige and to minority ordinary shareholders in Beige's subsidiaries, in accordance with the requirements of the Takeover Regulation Panel.
Accordingly, it advised both ordinary and preference shareholders in Beige to exercise caution when dealing in the company's securities until a further announcement was made.
Source: I-Net Bridge
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