Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

South Africa State-Owned Investor Raises Offer for Dorbyl Shares

Dec. 7 (Bloomberg) -- Dorbyl Ltd., a South African mechanical-engineering company, received a higher offer from the country’s state-owned Industrial Development Corp. to buy all its issued shares.

The IDC, as the Johannesburg-based investor is known, raised its offer to 85 cents from 73 cents, the companies said in a statement. The threshold for the number of shares sold to the IDC in order to trigger the transaction was lowered from 75 percent to 51 percent, according to the companies.

The IDC received “irrevocable undertakings” from owners of 51 percent of Dorbyl’s shares to accept the new offer, the companies said.

Trading in Dorbyl shares was suspended on the Johannesburg Stock Exchange on Nov. 1 for not filing its financial statements within three months after the fiscal year ended. The company’s auditors said Nov. 19 that the company didn’t have sufficient cash-flow to continue operating beyond the end of January 2013.

To contact the reporter on this story: Jaco Visser in Johannesburg at avisser3@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.