VenFin`s share rose further this morning after Vodafone yesterday firmed up its intention to make an offer to buy the group.
The acquisition of VenFin, at a cash offer of R47.25 per share, would give the British cellular group control of 50% of local cellular network operator Vodacom.
VenFin announced yesterday that Vodafone had advised the VenFin board of its firm intention to make an offer.
The offer opens on 5 December and closes at noon on 13 January.
VenFin says Standard Bank, appointed as an independent adviser to the VenFin board, has considered the terms and conditions of the deal and is of the opinion that the deal is fair and reasonable.
As a result, the board is recommending that shareholders accept Vodafone`s offer.
It also says shareholders owning 65.5% of the offer shares have given irrevocable undertakings to accept the offer.
By yesterday, Vodafone had already acquired 30.25 million shares in the market, representing 7.4% of the issued ordinary shares.
The VenFin share rose 79c or 1.7% to close at 4 629c on the news yesterday. This morning it was trading another 21c up at 4 650c.
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