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BRIEF-Fairfax Africa announces partial offer to acquire shares of PPC Limited
September 4, 2017 / 4:25 PM / 15 days ago

BRIEF-Fairfax Africa announces partial offer to acquire shares of PPC Limited

Sept 4 (Reuters) - Fairfax Africa Holdings Corp:

* Fairfax Africa announces partial offer to acquire shares of PPC Limited and support of proposed merger with AfriSam group proprietary limited through recapitalization transaction

* ‍Partial offer to acquire shares of PPC representing a value of R2 billion for cash consideration of R5.75 (about $0.44) per ordinary share​

* Unit submitted letter to board of PPC Limited to make partial offer to acquire shares of PPC representing value of R2 billion​

* ‍Fairfax Africa received irrevocable support of PIC, Phembani, AfriSam regarding partial offer, recapitalisation and merger​

* ‍Consideration for partial offer will be settled by FSA in cash​

* ‍FSA would hold approximately 23% of outstanding shares of PPC prior to consummation of merger​

* FSA entered into non-revolving term letter of credit facility, available by way of letter of credit in amount of R2 billion

* Upon completion of offer, ‍Fairfax consortium would hold about 38.6% of outstanding shares of combined company Source text for Eikon: Further company coverage:

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