Visio Capital Management, which holds 7% of PPC, is the latest investment manager to come out against a partial conditional offer for a merger with SA’s largest cement group by AfriSam and Canada’s Fairfax Africa Investments. This means at least 25% of shareholders are opposed to a merger. Visio’s rejection comes after Value Capital Partners, the holder of about 5% of PPC stock, said earlier on Monday that it was against the AfriSam-Fairfax bid because the intrinsic value of PPC was at least R10 a share. "Visio Capital is not supportive of the proposed merger in its current form since there can be no certainty as to its final outcome," Douglas Wallace, a Visio Capital fund manager, said on Monday. "Furthermore, material uncertainties exist around the potential competition remedies that would be required. These remedies could be value destructive," he said. As part of the offer, Fairfax had undertaken to buy R2bn of PPC ordinary shares at R5.75 a share. This values PPC at a 62% premi...

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