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...

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.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.