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.