Bytes Technology Group`s (BTG`s) acquisition of CS Holdings (CSH) has won Competition Commission approval.
The companies issued a statement last night saying the commission has recommended to the Competition Tribunal that the acquisition be approved unconditionally.
"The Competition Tribunal will review this recommendation shortly and CSH shareholders will be advised accordingly," the statement says.
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 offer, which was originally to close last month, was extended to 19 November.
CSH, which was technically insolvent at the end of its latest financial year, has said the deal is essential to its survival, as it needs the backing of a white knight to continue to draw support from its bankers.
The group says shareholders wishing to accept the offer should do so as soon as possible to allow BTG to issue the shares once all remaining conditions precedent to the offer have been fulfilled.
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