A month after investors were informed about a plan by Naspers to address the long-standing gap between its market value and the sum of its parts, the technology investor has responded to a pushback by 36 asset managers who called out the apparent complexity of the deal and incentives for the management.

The share swap deal — also intended to cut Naspers’s size on the local stock exchange and boost the free float of its global internet arm, Prosus — is the latest in a string of attempts by CEO Bob van Dijk and his team to narrow the multibillion-rand valuation shortfall...

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