Clover’s impending exit from the JSE seems to be a loss for the market when considering how well the stock has performed. Since listing in late 2010, the food and beverages group’s share price has more than doubled, from R10.50 to R23.10 at 2.30pm on Tuesday. It has easily outperformed the JSE all share index over that period. On Monday, Clover said that a consortium, led by Israel-based Central Bottling Company (CBC), had made an offer for the company worth R4.8bn. The consortium, made up of international and local investors, has offered to buy Clover for R25 a share in a deal that will result in the delisting of the producer of Tropika, Clover Krush and Milo from the JSE and the Namibian Stock Exchange. According to independent analyst Anthony Clark, who says “it will be a shame to see Clover vanish into the milk churn”, R25 a share is a fair price. But while it’s a pity to see Clover fly the JSE coop, one win is that the foreign investors behind the takeover bid are clearly optim...

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