Bytes Technology Group`s offer to buy all of CS Holdings` (CSH`s) issued share capital is now scheduled to close on 3 December.
The offer was originally meant to close in October, but has twice been extended to allow for the fulfilment of all the conditions relating to the deal.
After receiving Competition Tribunal approval for the proposed deal this week, the only remaining condition is the acceptance of the offer by CSH shareholders owning in aggregate at least 90% of the issued share capital of CSH.
This would allow Bytes to invoke section 440K of the Companies Act, entitling it to acquire compulsorily the shares of those shareholders who do not accept the offer. The acquisition would be carried out under the same terms as the original offer.
Bytes says shareholders owning more than 86% of the issued shares are in the process of formally accepting the offer.
It has been informed by CSH`s transfer secretaries that shareholders owning 36.37% of the issued share capital have formally accepted the offer so far.
In terms of the new schedule, the results of the offer are to be released on 6 December.
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.
This morning the CSH share was trading unchanged at 17c. The Bytes share was up 1c at 666c.
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