PPC and Afrisam cancel merger talks

Posted On Friday, 27 March 2015 21:58 Published by
Rate this item
(0 votes)

PPC and Afrisam cancel merger talks.

Darryll Castle

On 10th December 2014, it was announced by PPC that the Company had received a conditional, non-binding merger proposal from AfriSam Group (Pty) Ltd. Following receipt of the proposal, the Board of PPC immediately commenced with its consideration of the proposal to establish whether this might be in the best interests of the shareholders and other stakeholders of the Company.

There has been extensive discussion between the two companies on the merger proposal. The parties have not been able to reach consensus on the terms of the merger and therefore have terminated their discussions. In lieu of confidentiality agreements between the two parties, the Company is unable to elaborate on the detailed reasons for this termination.

Accordingly, shareholders are no longer required to exercise caution when dealing in securities of the Company.

The Board remains committed to its strategy of enhancing the Company’s position in Southern Africa and expanding its footprint into other African countries. Progress continues to be made on the implementation of the strategy and an update will be given at the time of the Company’s interim results on 19th May 2015. 

Darryll Castle, CEO of PPC, said: “Over the last few months, we applied our minds extensively to the proposed merger with AfriSam. Ultimately we decided not to proceed with the proposed deal.

“I have spent my first weeks as CEO of PPC acquainting myself fully with the Company’s operations, meeting the people and reviewing its strategic direction and growth strategy. I have been most impressed with what I have found and am very excited about the Company’s future. I have established a number of priorities for the Company and am looking forward to discussing these in detail when we report our interim results on 19th May.”

Last modified on Saturday, 28 March 2015 10:48
" "

Most Popular

Vukile transforms Pinetown’s first shopping centre, Pine Crest, into the first choice for shopping

Jul 25, 2019
 ITUMELNG MOTHIBELI
The renovated new Pine Crest launched today after an innovative R200m, 14-month…

Successful construction of CrestAquarium by Concor Buildings

Jul 25, 2019
 CRESTAQUARIUM 1
The indoor CrestAquarium at Cresta Shopping Centre allows shoppers to view more than 30…

The next wave of property development in Africa is coming

Jul 31, 2019
 NIYI ADELEYE
The past decade has seen South African property developers and investors forge their way…

Centurion Mall, Redefine’s largest asset after comprehensive refurbishment

Jul 25, 2019
CENTURION MALL 1
The JSE-listed diversified real estate investment trust Redefine Properties today…

Sandton Central’s private sector green building leadership contributes to better public spaces

Jul 25, 2019
 ELAINE JACK
From 2010, when Nedbank completed its headquarters on the corner of Rivonia Road and…

Please publish modules in offcanvas position.