JSE and Bond Exchange of South Africa discuss takeover options
25 November 2008 | 2165 views | 0
Further to the BESA announcement dated 27 October 2008 informing BESA shareholders that the Board of BESA had received a firm intent ion from the JSE Limited ("JSE") to make an offer to BESA shareholders for all of their BESA ordinary shares, BESA shareholders are now advised that the Boards of BESA and the JSE are in discussions regarding both the offer consideration for each BESA ordinary share and various proposals on the structure of the offer ("the JSE offer"). BESA shareholders will be advised as soon as the Board of BESA has further details on the JSE offer.
BESA shareholders are further advised that following a request from BESA and the JSE, the Securities Regulation Panel ("SRP") has agreed that the JSE does not have to post an of fer document to Shareholders on 26 November 2008. BESA shareholders will be advised in due course of the posting date.
BESA shareholders are reminded that the Board of BESA has appointed Ernst & Young Transaction Advisory Services, to provide the appropriate external advice on the JSE offer, as required by the Securities Regulation Code and Rules of the SRP.
BESA shareholders are therefore advised to continue exercising caution when dealing in BESA ordinary shares.