Zeder Investments has increased its shareholding in the Capespan Group to nearly 40 per cent as a result of the formal offer it made to shareholders in June this year.
At the same time it informed shareholders that its formal offer will expire on 9 September, and not in November as originally planned.
Zeder CEO Antonie Jacobs told Eurofruit that his group would not abandon its efforts to obtain more Capespan shares, but had decided to end the offer earlier so that those shareholders who decided to sell could be paid out earlier.
"We are comfortable with the level of shareholding which we now have in the company and would now like to see the company grow," Jacobs explained.
It is understood that after an initial spurt in shareholders offering their shares to Zeder, the number of sellers has slowed down in recent weeks, with it now considered unlikely that Zeder would reach the 49 per cent shareholding mark before November. At 49 per cent, Zeder would have to apply for clearance from South Africa’s Competitions Commission.
When the offer was launched in June, Jacobs said the firm expected the offer would be attractive enough for minorities to cash in their shares.
"Zeder could inject capital needed to expand Capespan's domestic and global footprint. The offer is to everybody and we will be happy with whatever we get," he said.
Jacobs said that his company was pleased with the reaction to its offer and that Zeder would continue to buy Capespan shares in future to further boost its shareholding.
Zeder's announcement follows news that more interest has been injected in the battle for control of Capespan, with Johannesburg-based group Bidvest looking to acquire a 15 per cent share in Capespan.
No formal bid has been launched by Bidwest, an International services, trading and distribution company, with initial buying to be done ‘across the desk’, as the group has offered a reported R2.40 (21p) per share compared with Zeder's R2.25 per share.
