Shareholders to vote on Murray & Roberts/Concor scheme

Posted On Monday, 17 October 2005 02:00 Published by Commercial Property News
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Shareholders will meet to approve the scheme that will lead to Murray & Roberts acquiring the entire share capital of Concor, it has been announced

Cobus Bester Murray & Roberts Shareholders are to meet on Monday, November 7 to approve the scheme that will lead to South African construction group Murray & Roberts (M&R, MUR) acquiring the entire share capital of Concor (CNC) other than the 1,000 Concor shares held by Mexican Wave Investments, it has been announced.
 
M&R is to pay 22.30 rand per share to Concor shareholders other than Concor's controlling shareholder, Hochtief. The total consideration is 282.4 million rand.
 
Hochtief has agreed to accept a price of 19.77 rand per Concor share plus interest from 5 November 2005 to the date of payment of the offer consideration for its entire shareholding in Concor.
 
On implementation of the scheme, Concor will become a wholly owned subsidiary of M&R and its listing on the JSE will be terminated.
 
If the scheme does not become operative for any reason, M&R will be deemed to have made a substitute offer to the shareholders, other than Mexican Wave, at an amount equal to the scheme consideration.
 
Should at least 90% (nine-tenths) of the shareholders to whom the substitute offer is made accept the substitute offer, then M&R intends to compulsorily acquire all of the shares held by the shareholders of Concor, other than Mexican Wave, in respect of which the substitute offer was not accepted, it said.

Last modified on Wednesday, 26 June 2013 17:26

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