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...