Sov­er­eign sup­ports buy-out

The Poultry Bulletin - - CONTENTS -

JSe-listed Sov­er­eign Foods In­vest­ments Limited an­nounced that it has re­ceived a firm in­ten­tion from a spe­cial pur­pose ve­hi­cle con­trolled by Cap­i­tal­works, a pri­vate eq­uity firm fo­cused on mid-mar­ket in­vest­ments in South Africa, to ac­quire a con­trol­ling in­ter­est in Sov­er­eign Foods, amount­ing to a R907 mil­lion all-cash buy-out of­fer.

The all-cash of­fer is priced at R12.00 per Sov­er­eign Foods share, with a rein­vest­ment op­tion avail­able to share­hold­ers. Share­hold­ers can rein­vest by dis­pos­ing of their Sov­er­eign Foods shares for shares in the spe­cial pur­pose ve­hi­cle (Bidco), up to an ag­gre­gate 15% in­ter­est in Bidco fol­low­ing im­ple­men­ta­tion of the of­fer. The of­fer is fully funded by Cap­i­tal­works and is not con­di­tional upon any ex­ter­nal fund­ing.¡

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