Mvelaserve Shares Advance After Board Recommends Bidvest Offer

Mvelaserve Ltd. (MVS) shares rose to the highest in nine months after its independent board recommended shareholders accept a revised takeover offer from Bidvest Group Ltd. (BVT), South Africa’s second-biggest company by revenue.

The shares rose 3.1 percent to 8.70 rand, the highest since Nov. 21, valuing the company at 1.23 billion rand ($120 million). Bidvest increased the price for Mvelaserve shares it doesn’t already own to 9.20 rand from 9.10 rand, the companies said in a joint statement today.

Mvelaserve has interests ranging from support services for facilities management to cleaning.

The volume of shares traded in Johannesburg was more than 11 times the three-month daily average.

To contact the reporter on this story: Kamlesh Bhuckory in Johannesburg at

To contact the editor responsible for this story: Simon Thiel at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.