Hollard to object to rejection of takeover bid
Insurer Hollard plans to contest the Competition Commission’s decision to make a recommendation against its R2.3bn acquisition bid for the Regent group from logistics company Imperial on the grounds that it will be adverse for competition and lead to "substantial" job losses.The recommendation of the Competition Commission did not constitute a final binding decision, Hollard spokesman Warwick Bloom said on Thursday. The tribunal would decide that after a hearing.All the parties to the merger including Hollard, and the advisers to the deal maintain that a prohibition is not warranted. They will contest the commission’s recommendation.Imperial did not respond to requests for comment, but issued a stock exchange announcement reflecting a similar view as Bloom’s comments on Monday.The logistics group said it would update the market once the tribunal had made a ruling.Short-term and life-insurance provider Hollard wants to buy Regent Insurance, which offers a wide range of products and l...
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