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%.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.