GLOBAL PORTFOLIO
Astoria share up on RAC buyout offer
Investment company RECM & Calibre (RAC) has pitched an offer to take full control of global investment company Astoria. RAC — which has already built a commanding 28.75% stake in Astoria — detailed an offer of R13.50 a share to all Astoria shareholders on Friday. The offer represented a premium of about 13% to Astoria’s closing share price on Thursday. The share price jumped almost 5% to R12.29. Astoria recently indicated a net asset value of $1.20 a share (or R15.12 a share) as at the end of March. The offer will be settled in cash up to a maximum of R355m, with RAC shares issued as a top-up consideration. RAC said the offer was conditional on snagging a stake of more than 50% in Astoria. It seems likely that Mauritius-domiciled Astoria’s investment mandate would change if RAC — headed by well-known value investor Piet Viljoen — gained full control of the company. Astoria’s main value lies in a portfolio of large global stocks like Facebook, Apple, Admiral Group, Starbucks, Home De...
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