Distell restructuring yea or nay expected this week
The Takeover Special Committee has heard arguments for and against its decision to grant Remgro a waiver
The Takeover Special Committee is expected to announce its decision on whether or not to give the Distell restructuring the go-ahead later this week. At a review hearing last Thursday, the committee heard arguments for and against its decision to grant Remgro a waiver of its obligation to make an offer to minority shareholders in Distell. The hearing followed an appeal of the waiver decision by shareholder activist Albie Cilliers, who was unhappy about the terms and conditions of the restructuring and contended that the Takeover Regulation Panel did not have the authority to grant the waiver. Basil Mashabane, legal counsel for the panel, said it would take the committee a few days to provide a ruling. It was expected some time this week. "The panel will immediately communicate with the parties once an outcome is released," said Mashabane. The unprecedented challenge of the panel’s waiver decision is the latest development in the eight-year restructuring of the cumbersome pyramid str...
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