Capespan saga gets juicier
TheSPECtacle WAS rather surprised PSG’s agribusiness arm ZEDER managed to pick up another 10m shares in fruit exporter and logistics specialist CAPESPAN at 225c/share. Zeder had indicated last month a willingness to pay 225c/share to buy out minority shareholders in unlisted Capespan – but its efforts seemed to prompt a rival open market bid (from a yet to be identified party) pitching for 50m shares at 240c.
Zeder, with a holding of 36% in Capespan, is in a strong position – although TheSPECtacle has to wonder how long before the unidentified rival bidder gets hit at 240c/share. And more intriguingly, will the rival bidder – TheSPECtacle’s guessing it’s Irish fruit group Total Produce plc – then come back for more? Still, such intense bidding is great for minorities. More than 350 000 Capespan shares changed hands at 300c recently and there have been nibbles in the 240c to 245c range.