The Bond Exchange of South Africa ("BESA"), of which NZX is the largest shareholder at 22% as a result of capital raising that closed on October 6, 2008, has over the weekend received an unsolicited takeover offer from the Johannesburg Stock Exchange ("JSE"). The takeover offer is at a 23% premium to the valuation at which NZX acquired its shares on October 6, 2008.
The BESA Board will give the takeover offer due consideration after receiving independent financial advice on the merits and rationale of the offer. The full text of the BESA Board response is attached below.
The timetable for such an offer in South Africa is as follows:
-JSE has 30 days to provide a detailed offer to shareholders.
-The Board of BESA then has 14 days to respond to that detailed offer.
NZX will inform its own shareholders as and when public information becomes available.
Download the BESA Announcement in relation to the JSE takeover offer here
