Shareholders to vote on Murray & Roberts/Concor scheme

Posted On Monday, 17 October 2005 02:00 Published by Commercial Property News
Rate this item
(0 votes)

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
" "

Most Popular

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

Accelerate poised for growth with launch of Fourways Mall, Focus on shoppertaintment to differentiate the retail experience

Jun 20, 2019
 MICHAEL GEORGIOU
JSE-listed Accelerate Property Fund today reported financial results for the year ended…

Emira’s Denver property is changing the warehousing game

Jun 20, 2019
 ULAN VAN BIJON
Emira Property Fund’s refurbished warehouse facility superbly located in the popular…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

Growthpoint’s iconic 144 Oxford office development will be completed in October ‘19

Jun 20, 2019
 144 OXFORD 1
Growthpoint Properties’ multi-million-rand 144 Oxford Road development is set for…

Please publish modules in offcanvas position.