listed property
Safari’s perplexing boardroom drama
Investors and would-be buyers of the property group want answers as Safari’s board throws up the barricades
26 September 2019 - 05:00
Exasperated shareholders in Safari Investments have accused the mall owner of frustrating a recent cash takeover bid in order to protect directors’ jobs — and to continue milking the company after a history of questionable related-party deals.
In March Safari’s board was quick to consider a friendly merger with listed shopping centre owner Fairvest — pitched at R4.30 a share. But it has dragged its heels over a higher-value cash offer received in July from ComProp, an unlisted group which is part of the Futuregrowth Asset Management stable.
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now