Alexander Forbes rockets as US-listed Prudential Financial picks up R1bn stake
The US financial services group has reached a deal for 14.8% of Alexander Forbes, and is looking to acquire up to about a third
Shares of Alexander Forbes surged almost a quarter on Friday, their best day on record. That was after it announced that New York-listed investment manager Prudential Financial had reached a deal to pick up about a R1.05bn, or 15% stake, and was looking to more than double it.
Prudential Financial is seeking access to Africa’s fast-growing market for financial services, and has agreed to buy 200.8-million shares, or 14.8% of the group’s issued share capital, at R5.25 apiece, through subsidiary New Veld. The offer represents an almost 40% premium to the R3.76 the group’s shares fetched at Thursday’s close...
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