Zeder Investments Ltd. (ZED) offered 485.9 million rand ($72 million) to buy the shares in Capespan Group Ltd., southern Africa’s biggest fresh fruit exporter, that it doesn’t already own to help finance the company’s expansion.
Zeder offered 2.25 rand per share for the 72.3 percent of closely held Capespan that it doesn’t already own, it said in a statement to the Stock Exchange News Service in Johannesburg today. That's a 30 percent premium to Capespan’s average share price over the last 30 days, Stellenbosch, South Africa-based Zeder said.
“Finance and patience will be required,” to help Cape Town-based Capespan recapture market share it has lost in recent year, Zeder said. South Africa is Africa’s largest fruit producer.
Zeder holds investments in agriculture companies ranging from wine producer Capevin Holdings Ltd. to farm services company Kaap Agri. Capespan has operations in 34 countries and exports fruit including oranges, apricots, avocados, pears and grapes. The company had revenue of 2.68 billion rand last year.
Zeder was unchanged at 2.50 rand as of 10:46 a.m. in Johannesburg trading, giving the company a market value of 2.45 billion rand. PSG Capital, the corporate finance unit of PSG Group Ltd. (PSG), is advising Zeder on the offer and Zeder has no plans to change Capespan’s board.
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