Safari withdraws Fairvest takeover offer
The two had been in merger talks since March but Comprop made a more attractive cash offer in July to buy Safari outright for R1.8bn
Safari Investments and fellow low-income retail centre owner Fairvest have shelved plans to merge following a backlash from Safari shareholders, who said the deal undervalues their company.
This sent Safari’s shares 9.05% higher to R5.30 at the close on Wednesday, its biggest jump in three-and-a-half weeks. ..