(Adds details, share movement)
Dec 14 South Africa's Rand Merchant Investment
Holdings Ltd said it bought a 30 percent stake in UK
insurer Hastings Group Holdings Plc in a deal worth
between 487.3 million and 499.5 million pounds ($634.61
Rand Merchant offered between 248 pence and 255 pence per
Hastings share, the top end of which represents a 15 percent
premium to the stock's Tuesday close.
Hastings' stock was up 4.9 percent at 232.3 pence at 1502
GMT on the London Stock Exchange on Wednesday.
Rand Merchant said it bought the stake from Goldman Sachs
and founder shareholders.
As part of the deal, which makes the South African
investment firm the biggest shareholder in Hastings, Rand
Merchant's Chief Executive Herman Bossman has been named to
The stake sale to Rand Merchant comes merely months after
holding vehicle Hastings' Investco, Neil Utley, Utley Family
Charitable Trust and Richard Brewster sold about 45 million
shares, or about 6.8 percent of the company's then issued share
Hastings said it welcomed Rand Merchant's investment, which
both firms have capped at 29.9 percent.
($1 = 0.7871 pounds)
(Reporting by Vidya L Nathan in Bengaluru; Editing by Martina