TRP rules Novus must increase Mustek takeover bid by 15.4% following probe

THE Takeover Regulation Panel (TRP) has ruled that Novus Holdings must increase its takeover offer for ICT product group Mustek by 15.4% to R15.41 per share, from the R13 per share initial offer value.

- EDWARD WEST

The TRP's investigation arose from complaints lodged to it by Albie Cilliers, who is well known for his advocacy of shareholder rights in South Africa, in June 2025. Cilliers had raised red flags about potential undisclosed concert party relationships in the Novus mandatory offer.

Novus said in a JSE news service statement it "fundamentally disagrees" with the conclusions reached by the TRP and will consider its rights and/or remedies. Novus intends applying to the TRP to set aside the (ruling) and is taking the requisite advice in this respect.

The TRP ruling found that Novus breached the Companies Act by failing to disclose its beneficial interests at the 5%, 10%, 15%, and 20% shareholding thresholds that it had acquired in Mustek.