ARROWHEAD Properties has proposed to acquire Emira in an all-share deal.Arrowhead said on Monday that it was considering offering 1.67 of its shares for each Emira share.At Monday morning’s prices, this represented a 3% discount to Emira’s share price.Arrowhead’s share price fell 2% to R8.40 on Monday morning, giving it a market capitalisation of R8.8bnEmira’s share price rose 1.47% to R14.46, giving it a market capitalisation of R7.3bn.Arrowhead said its offer was a "nonbinding expression of interest" subject to a satisfactory conclusion of due diligence on Emira’s forecast income for the financial year under way to end June 2017."Arrowhead has engaged with a limited number of key shareholders of Emira, on a confidential basis and with due regard to the provisions of the takeover regulations promulgated in terms of the Companies Act takeover provisions, in relation to the proposed transaction."Emira shareholders who collectively hold approximately 22% of the Emira shares have indic...
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