16 August 2017
Find out more

NZX pours scorn on JSE valuation of South African bond exchange

03 November 2008  |  5866 views  |  0 Stock market newspaper with coins stacked

The New Zealand Stock Exchange, the largest shareholder in the Bond Exchange of South Africa (Besa), has poured cold water over the Johannesburg Stock Exchange's proposed R173 million takeover of its compatriot.

NZX, which acquired a 22% stake in Besa earlier in October, has rubbished the JSE's R90 per share offer as "extremely low" and "very significantly below fair value".

The NZX says the JSE offer values the company at only R6 million above its cash worth in a dissolution and fails to recognise the strategic value and synergies that would come from running the business for profit.

In a statement, the NZX says: "Accordingly, while NZX as a shareholder will await the view from the Besa Board and its financial advisors regarding the valuation by JSE of Besa...NZX would not support a takeover at this offer price."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

JSE makes bid for South African bond exchange

JSE makes bid for South African bond exchange

27 October 2008  |  5176 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
hands typing furiouslyBI and Analytics - A New Perspective
10872 views 0 | 2 tweets | 12 linkedin
Coinbase raises $100mCoinbase raises $100m
9944 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9263 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
8986 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8164 views comments | 6 tweets | 21 linkedin

Featured job

Find your next job