PPC board keen to avoid delays
Date extended for posting of partial offer circular by Fairfax Africa, which made conditional offer with AfriSam
PPC says the company’s independent board is keen to avoid long-running negotiations with any bidders for the company. On Tuesday, it extended the date for the posting of the partial offer circular by Fairfax Africa, which, along with AfriSam, made a conditional offer for SA’s largest cement maker. "The independent board is mindful of avoiding any unduly protracted engagement with any of the bidders, and accordingly, aims to be in a position to make a decision on the best way to proceed within a sensible time period," the group said in a statement on Tuesday. Dangote Cement, founded and chaired by Nigerian tycoon Aliko Dangote, has also made a bid for PPC. PPC said Investec Bank was conducting a review and would prepare "fair and reasonable opinions" about aspects such as the partial offer and proposed merger with AfriSam. "It is anticipated that this review will require some time," PPC said. The announcement comes after Prudential Investment Managers, one of the top three shareholde...
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