London- and Johannesburg-listed Dimension Data has extended the time for shareholders to accept the R24.2 billion buyout offer from Japanese group NTT to 11 October.
The company says it has so far received undertakings from shareholders owning 79.7% of its shares to vote in favour of the bid. Dimension Data announced in July that it had received a £2.1 billion offer from Nippon Telegraph and Telephone Corporation (NTT).
This morning, the listed company said parties who would vote in favour of the bid include Dimension Data directors and Venfin.
NTT has also received an irrevocable undertaking to accept the offer from Allan Gray in respect of about 4.37% of Dimension Data's shares.
However, Allan Gray manages another 21.19% of DiData shares on behalf of its clients. The announcement indicates that the fund manager will recommend that its clients accept the bid, and it is expected that an acceptance will be given to NTT shortly.
The consolidation of the companies will create one of the world's largest integrated telecoms and technology groups, and is a significant platform of growth for NTT to expand into markets outside of the Far East.
NTT is the world's second-largest telecoms company, second only to AT&T, with an annual turnover of more than $100 billion, while DiData is the largest technology company listed on the JSE.
DiData's board unanimously recommended the offer, and shareholders holding more than 52% of the company indicated they would vote in favour of the bid when the buyout offer was announced. Directors, including CEO Brett Dawson, also pledged their shares towards the deal.
Share