Texton jumps nearly 45% on mandatory buyout offer
A consortium makes a mandatory offer to acquire shares in the ailing property fund
30 October 2020 - 12:17
UPDATED 30 October 2020 - 13:07
Texton’s biggest shareholder has raised its stake to around 40%, triggering a mandatory cash offer for the remaining stock in a deal valuing the diversified property group at R314m and sending its shares surging almost 45%
The consortium, which counts the chair Marcel Golding’s wife Bronwyn Keene-Young as an investor, coughed up R1.20 per share to raise it from 32%- 40% — a level that requires it to extend the same offer to minorities...
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