Long4Life gets acquisition nod
Investment company’s shares slide after majority of shareholders approve deal to buy sports retailer Holdsport
Sport’s retailer Holdsport shareholders voted overwhelmingly on Tuesday in favour of Long4Life’s offer to acquire the entire share capital. Long4Life’s shareprice dropped 5% at one point after confirmation the offer had been accepted, with it marking the second acquisition of Long4Life since its launch in April. Long4Life had also picked up beauty salon franchise Sorbet in July and also indicated interest in Gauteng-based Inhle Beverages, offering a cash and share deal in August valued to a maximum of R360m. Long4Life’s latest bid for Holdsport was a choice between 12.1 of its shares for each Holdsport share or 11.2 shares plus R5 cash‚ the companies said in a joint statement in July. The cash offer is capped at R204m. This beat an earlier offer of swapping 10.44 Long4Life shares for each Holdsport share. Holdsport trades as Sportsmans Warehouse and Outdoor Warehouse, with Joffe previously describing the acquisition as "adding to the intrinsic value of Long4Life, as well as our over...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.