The Bidvest Group has acquired about 1.14 million shares in I-Fusion Holdings, lifting its stake to 78.13% of the IT company.
Bidvest, a JSE-listed investment holding company, is planning to buy the entire issued share capital of I-Fusion.
The process began in May last year when it agreed to buy 60% of I-Fusion, announcing later that it planned to buy out the minority shareholders.
I-Fusion shareholders were told in May this year that they would have to forfeit a deferred payment relating to the initial deal, as I-Fusion did not meet profit targets for the year to 28 February 2001.
I-Fusion shareholders were offered a cash payment of 70c per share, with a further 80c a share dependent on I-Fusion achieving the profit target.
Alternatively, shareholders were able to take a flat cash offer of 100c per share.
Before the latest share acquisition, Bidvest had increased its stake to 77.35% since the original deal.
The Bidvest share was trading 45c down at R47.20 on the JSE by late this morning, while the I-Fusion share price was unchanged at 45c.
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