Hosken Says It Won’t Raise Offer for KWV, Will ‘Fix’ Business

Hosken Consolidated Investments Ltd., a South African investment company with stakes in businesses from casinos to television, said it won’t increase its offer for KWV Holdings Ltd., the country’s second-largest wine and spirits producer, even after a shareholder reportedly rejected the bid.

HCI first acquired a stake in Paarl-based KWV in February last year. On Dec. 21 it offered to buy full control after its indirect stake exceeded 35 percent, triggering a mandatory offer to shareholders, according to South African securities law. HCI said it will offer 8.50 rand a share in cash, or about 580 million rand ($73 million). A KWV shareholder, Withmore Investments, said the offer is too low, according to Business Report newspaper, citing Withmore’s chairman, Khutso Mampeule.