Mvelaserve Ltd. shares rose to the highest in nine months after its independent board recommended shareholders accept a revised takeover offer from Bidvest Group Ltd., 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.