Klipdrift and Savanna maker Distell said on Wednesday that there has been "satisfactory progress" in negotiations over Heineken's bid to buy the majority of its business.
"Satisfactory progress has been made with regards to the discussions with certain issues still to be agreed," the JSE listed wine and spirits maker said.
"The parties are committed to finalising these outstanding issues in the shortest possible time frame and Distell will inform shareholders immediately upon their finalisation."
Distell, which has market value about R31.8 billion, announced in May that Heineken, the world’s second-largest brewer, approached it over the acquisition of the majority of its business.
In August, Distell CEO Richard Rushton called on investors to have "patience" and "caution" following the company’s decision to hold off on declaring a dividend amid discussions over the deal.
Distell said on Wednesday if the discussions are "terminated", it intends to declare a dividend in respect of the financial year ended 30 June 2021.
"Shareholders should be cognisant that there is still no certainty that the remaining aspects will be successfully resolved and agreed," it said.
"Shareholders are therefore advised to continue to exercise caution when dealing in their Distell securities until a further announcement is made, as the outcome of the discussions referred to in this cautionary may influence the price of the Distell securities."