I have hinted previously that Interwaste might be subject to a takeover after the market declined to recognise its steadily improving operational performance. I also believed the main shareholders — the Willcocks family and CoroCapital — would most likely make an offer to minority shareholders and delist the company from the JSE. So it was with some surprise that I learnt of a buyout offer from France-based international waste management player Séché Environnement. The 120c-a-share offer represents a generous premium of nearly 48% to the 30-day volume weighted average price of Interwaste’s shares as at September 28, the day preceding the issue of a cautionary announcement relating to the Séché offer. The Willcocks family (with a 31.7% stake) and CoroCapital (which has 15.3%) have already given the offer the thumbs up. Still, minority shareholders might ponder the rationale behind the proposed transaction. Officially, Interwaste believes Séché, which operates in 15 countries, will be...

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