The JSE today (27 October 2008)issued an announcement of firm intention to make a conditional offer to all the ordinary shareholders of BESA to acquire the entire issued ordinary share capital of BESA.
Deal Overview
Today, following extensive discussion with interest rate market participants, the JSE announced our intention to make an offer to BESA Ordinary Shareholders to acquire all their BESA shares in a transaction valued at R173m.
We believe that the consolidation of BESA and the JSE is the best way in which to grow South Africa’s interest rate market as it will enable a thorough, consultative process with all market participants to determine how best to grow South Africa’s interest rate markets. The consolidation will also help promote South Africa’s international competitiveness by leveraging the best each exchange has to offer to deepen the market, improve liquidity, create economies of scale and ultimately bring user costs down.
