It’s going to be a long, hot summer for Group Five and its shareholders after the lapsing at close of business on Friday of the unsolicited firm-intention cash offer of R1.6bn made last week by Greenbay Properties for the construction group’s European businesses.Between the announcement on Monday last week and this week, the share has bounced between R10.70 and R12.50, trading 11.68% higher in late afternoon trade on Monday. The European concessions business has been pretty much the only money-spinner across the whole of Group Five, providing annuity income in foreign currencies. Key to any sale will be the UK’s Aberdeen Infrastructure Fund, which has bought a 49.99% interest in the European underlying project investment portfolio for about €43m in cash. Group Five dismissed the Greenbay offer from the outset as being significantly undervalued. The pricing of many of Group Five’s assets is going to be tricky. Not least because it is among major construction companies that have signe...
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