Just two months after disclosing that it got an unsolicited acquisition bid, Sorbet owner Long4Life has finally announced an offer by Old Mutual Private Equity - but for some, the possible deal is a few rand short.
The holding company, which was established by Bidvest founder, dealmaker Brian Joffe in 2017, said Old Mutual Private Equity is offering R5.80 cash per Long4Life share. If approved, Old Mutual’s Private Equity business would walk away with brands like Sportsmans Warehouse, Chill Beverages and Candi & Co, in addition to Sorbet.
Long4Life would then delist from the JSE, making it one of a few companies that have or are in the process of delisting. Should it delist, it will join companies such as Clover and Pioneer Foods, which left the board, as well as Adapt IT, which may be delisted, once its acquisition by Canada’s Volaris Group, is finalised.