Keaton Energy’s share price jumped 9% to R1.60 on Thursday after Wescoal raised its overall cash and share offer slightly, to account for additional shares Keaton issued to staff. Wescoal raised its cash offer by 0.24% to R526.83m and similarly its share offer by 0.24% to R87.8m to account for 690,374 new shares Keaton issued to its employee share-ownership plan, the companies said in a joint statement on Thursday. Wescoal announced its proposal to acquire Keaton on February 2. Wescoal offered R1.20 cash and 0.3 of its shares for every Keaton share. The per share offer has been held constant by raising the overall total to include the additional shares issued to the share-ownership plan. Wescoal was 0.5% higher at R2.19 at 10.45am on Thursday, valuing its offer at about R1.86 — a 16% premium to Keaton’s share price. "The Wescoal board and management team believe that the proposed transaction is a significant step towards realising their vision of creating a truly South African mid-t...
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