Cartrack shareholders decline buyout offer from CEO
Mandatory offer of R13.44 per share turned down by investors, including Coronation Asset Management
18 July 2019 - 09:12
Cartrack, which provides fleet-management and stolen-vehicle-recovery services, says minority shareholders have declined a mandatory offer by the company’s founder and CEO to buy them out.
In February, Cartrack founder and CEO Zak Calisto bought 68.2% of the company’s shares for R2.7bn via his investment holding firm Karoo, which took Calisto’s stake in the company to 68.5%...
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