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PPC is worth at least 43% more than what Canada’s Fairfax Financial Holdings has offered for the share component of its bid, according to the holder of about 5% of stock in SA’s biggest cement maker. Value Capital Partners (VCP) is among PPC investors who oppose the Fairfax bid for R2bn worth of shares at R5.75 each, the Johannesburg-based money manager said in a October 4 letter to PPC chairperson Peter Nelson. PPC is valued at more than R10 a share, it said, without saying how it calculated that price. "If the proposed transaction is placed before shareholders for a vote, we will vote against it," VCP CEO Sam Sitole said in the letter, which has been seen by Bloomberg. "Our position would equally apply to any current or future transaction that does not meet our fair value guidance." The offer by Toronto-based Fairfax was made on condition that PPC merges with local rival AfriSam Group, a tie-up that’s opposed by investors holding more than 25% of stock, Nelson said on Thursday. PP...

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