Bytes Technology Group`s (BTG`s) offer to buy CS Holdings (CSH) has been extended, although the new closing date has yet to be announced.
BTG is offering to acquire the entire issued share capital of CSH by issuing BTG shares in the ratio of one BTG share for every 37 CSH shares held, which equates to a price of 15.68c per CSH share.
The companies have issued a joint notice saying the conditions precedent to the offer have not yet been fulfilled.
The offer was due to close on 29 October, but in terms of the Securities Regulation Code, the closing date will have to be extended.
"On the basis that BTG has received undertakings to accept the offer in respect of CSH shares exceeding 86% of the issued share capital of CSH, BTG and CSH anticipate that they will be in a position to announce an appropriate acceptance level of the offer during the course of next week," the companies say.
At the same time, the companies are to provide detailed information about the new closing date and other salient dates.
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