Pursuits
KWV Shareholder Rejects Pioneer’s Takeover Offer as ‘Derisory’
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Pioneer Food Group Ltd.’s 828 million-rand ($120 million) takeover offer for KWV Holdings Ltd. is “derisory” and undervalues South Africa’s second-largest wine and spirits company, said Chris Logan, a KWV shareholder.
The 12-rand a share offer “is a joke” because KWV’s accounts for the fiscal year through June gave the company a net asset value of 18.69 rand a share, he said in a telephone interview from Cape Town today, adding that he holds proxy votes from investors to vote against the deal. He declined to say how many shares he holds or what shareholders he represents.