Our bundle fatter than it looks, builder grunts
Group Five's European assets 'undervalued by Greenbay's offer'
Group Five may have a new board but that has not helped one of South Africa's oldest construction companies to escape the quandary of unbundling its assets or not. On Friday the group said in a statement that Greenbay Properties, which earlier this week offered R1.6-billion for the company's European assets, had not provided it with enough time to consider the offer. It also did not have sufficient time to allow an independent expert to look at the deal. It had requested more time from Greenbay to consider the offer, Group Five said, but the Mauritius-based company declined. When the offer was first made it was for an amount higher than Group Five's market capitalisation. Even so, board chairwoman Nonyameko Mandindi said earlier this week, the GreenBay offer substantially undervalued the target assets compared to other expressions of interest received. The board reiterated this view in a SENS statement on Friday, But a former board member, who wished to remain anonymous, said it was...
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