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Barloworld extends R23bn buyout offer amid shareholder delays
Cape Times
|May 12, 2025
THE contentious buyout offer for Barloworld has been extended by more than six weeks because some brokers and financial services companies are delaying selling their clients' Barloworld shares in support of the offer.
The stand-by offer for Barloworld shareholders to accept the R23 billion offer by Saudi Arabian firm Zahid Group in concert with Barloworld CEO Dominic Sewela, closed on Friday, again with insufficient shareholder support, but Barloworld's independent board has extended the offer to June 30.
The initial offer for the international heavy industrial equipment and food and ingredient solutions group was first made in February 2024, but shareholders raised issues about transparency, possible conflicts of interest due to the CEO's participation, and some shareholders wanted a better offer than R120 per share, while the shareholder vote failed.
Dit verhaal komt uit de May 12, 2025-editie van Cape Times.
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