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One of Imperial Logistics’s biggest shareholders, the asset management arm of SA investment heavyweight PSG, has objected to the nearly R13bn takeover offer from a Dubai-based multinational as too low, raising a slim prospect of a late push for a sweetened offer.

"Imperial is a good business with an improved composition of businesses and a right-sized cost base and in our view the offer in its current form is too low and does not reflect the fair value or recovery potential we believe the company offers," said Justin Floor, fund manager at PSG Asset Management, a top-five investor in Imperial with a 7.5% stake...

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