SRP to hear Shoprite case

18 December, 2006 at 9:55 am | Posted in Companies | Leave a comment

The Securities Regulation Panel would hold a hearing on February 21 on complaints against a buyout offer for Shoprite Holdings led by Brait South Africa and Shoprite chairman Christo Wiese, the grocery chain said on Friday.
Panel chairman Richard Connellan said on December 7 that “several” investors had objected to the R13.2 billion offer because it allowed Wiese to use preferred shares to vote. He declined to name them, but Business Day reported that Allan Gray and Coronation Fund Managers were among the complainants. Nedcor Securities analyst Syd Vianello said: “The entire deal is dependent on Wiese not being declared an interested party. There are good reasons he should be declared an interested party.” On Friday Brait managing director John Gnodde said the private equity group was satisfied that its offer did not break any rules. The hearing has forced Shoprite to postpone the meeting to vote on the deal to March 15.

(BusRep)

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