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Heineken’s nearly R40bn tie-up with Distell is seen by the market as a perfect match and a vote of confidence in SA, but how good the offer price is for shareholders in the JSE-listed owner of brands such as Savanna and Hunter’s Dry depends on their investment horizons.

The deal looks best for shareholders who intend to remain invested long-term in the unlisted entities that will emerge from the transaction. But for those with a shorter-term investment mandate, who cannot hold unlisted stock and have to take the cash offer of R180 per share, it could be considered on the cheap side, say analysts...

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