At first glance, shareholders in Imperial Logistics, an SA transport group counting clients from beer makers to pharmaceutical companies, appear to be getting an easy cash payout from Dubai Ports World’s (DP World) almost R13bn buyout offer. Until one looks under the hood.

DP World, one of the world’s biggest port operators, has put in a  R66 per share bid for Imperial, a generous 40% premium to the price before the offer was made in July and enough to ensure that the board and management led by Mohammed Akoojee, as recommended by an independent expert, rallied behind the proposed transaction as best for shareholders.  ..

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