South Africa’s Remgro, RMB Offer $230 Million to Buy ElementOne

Remgro Ltd. (REM), a holding company controlled by South Africa billionaire Johann Rupert, has offered 2.34 billion rand ($230 million) to acquire ElementOne Ltd. in partnership with Rand Merchant Bank Ltd.

The group will offer 475 million rand in cash and the rest in stock at a fixed price of 22.507 rand per share, according to an e-mailed statement today.

ElementOne is Johannesburg-based holding company with an interest in Caxton and CTP Publishers and Printers Ltd.

To contact the reporter on this story: Christopher Spillane in Johannesburg at cspillane3@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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