Mvela bid for Avusa accepted: report

2012-08-17 06:54

The bid for Avusa by the Times Media Group has been accepted by 78.54% of shareholders.

“We are thrilled with this vote of confidence,” Mvelaphanda Group executive chairperson Mikki Xayiya told financial daily Business Day yesterday.

The Times Media Group is a unit of Mvelaphanda Group, which has shares of about 20% in Avusa – a part owner of the Business Day.

“This is part of Mvela’s aim to unlock shareholder value,” said Xayiya.

Times Media offered shareholders R24 a share in cash or about 1.47707 shares in Times Media for every Avusa share.

The newspaper said shareholders could also opt to cash in some shares and taking stock in Times Media.

Next month it would delist Avusa and list itself as the holding company of Avusa.

The Public Investment Corporation, which is a 17% shareholder in Avusa, voted against the deal along with the Eskom Pension and Provident Fund, which has a holding of just more than 1%.

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