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A R3.7bn bid by Old Mutual’s private equity arm for Long4Life, the investment company founded by entrepreneur Brian Joffe, may have left long-term holders of the stock unimpressed.

The unsolicited proposed offer of R5.80 a share is about 16% higher than the R5 it was trading at four years ago, and the premium might not be enough for those who bought and held the stock since then...

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