JSE-listed UCS Group is considering making an offer to buy CS Holdings (CSH), which is already being courted by Enterprise Outsourcing Holdings (EOH).
UCS announced after the market closed last night that it had informed the CSH board of its intention to hold talks and review relevant information with the aim of tabling an offer.
"Any offer tabled by UCS will be subject to a detailed due diligence investigation, which will be conducted if the offer is found to be acceptable," the group says.
CSH has confirmed that it has received a letter of intent from UCS.
If UCS does table a bid it could find itself competing against a bid by fellow listed company EOH.
On Monday EOH announced its own plans to make an offer for CSH. The same day Reunert, which had been in talks with CSH since last month, abandoned its own plans to make an offer, citing a lack of agreement on certain issues.
It had been planning to offer 35c a share, valuing CS Holdings at just under R86 million. Reunert has subsequently indicated that it intends to hold onto its current 31.7% stake in CSH.
It is unknown at this stage how much will be offered once a bid is put on the table. EOH is still in the information-gathering phase, although it expects to be able to put in an offer before the end of the month.
The CSH share was untraded at 33c on the JSE this morning.
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