On Monday, Prudential Financial made Alexforbes minority shareholders an offer of R5.05 per share as the US insurance company became the second-largest shareholder in the local financial services firm. | Fin24
Last month, the New York Stock Exchange-listed insurer bought a 14.8% stake in Alexforbes previously owned by the American asset manager Mercer. It now is making an offer to buy out minority shareholders and increase its stake in Alexforbes to 33%.
African Rainbow Capital, which owns a 40% stake in Alexforbes, has"irrevocably undertaken" not to accept Prudential's offer, Shareholders who own 100 Alexforbes shares or less, can sell all of their shares to Prudential at the offer price. Those who hold more than 100 shares can sell 100 shares plus 45.2% of the rest of their holding.
Prudential will buy a maximum of 33% of Alexforbes from these shareholders. The partial offer is for 18.2% of the Alexforbes shares. The offer amount excludes the final dividend declared in June, of 20c per share, and was made via Prudential’s newly created subsidiary called New Veld.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.
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