Imperial says majority of shareholders not averse to takeover offer
One investor, PSG, has said publicly that a R12.7bn offer from Dubai Ports World undervalues Imperial Logistics
Imperial Logistics, whose management has recommended acceptance of a R12.7bn takeover offer from Dubai Ports World, is confident that opposition from its fourth-biggest investor won't derail the transaction.
Ahead of a vote on Friday, Imperial said the majority of shareholders had expressed support for the transaction. PSG Asset Management, part of the investment giant with the same name headed by CEO Piet Mouton, said the DP World offer of R66 a share, a nearly 40% premium to the price before the bid was made, is too low...