CS Holdings (CSH) shareholders owning almost 99% of the company have accepted Bytes Technology Group`s (BTG`s) offer to buy their shares.
Bytes says it has received acceptances for more than 242.94 million CSH shares, representing 98.99% of the company`s issued share capital.
The CSH share was suspended last week after BTG issued a notice to invoke section 440K(1) (a) of the Companies Act, which gives it the right to acquire compulsorily the shares of those shareholders who did not accept its offer to buy the company.
To invoke the provisions, a bidder must receive acceptances from shareholders owning at least 90% of the shares of the company being acquired.
BTG says it has sent a notice and circular, issued in terms of the Act, to the CSH shareholders who have not yet accepted the offer.
The CSH share is expected to be delisted from the JSE on 20 January.
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