The Bidvest Group has extended the closing date of its offer to acquire a minimum of 60% of I-Fusion shares.
The JSE-listed investment holding company says the extension is mainly as a result of a delay in receiving competition commission approval for the deal.
The closing date of the offer to acquire a portion or all of I-Fusion`s shares, originally announced in May, has been extended to the close of business on 18 August.
This is "in order to allow more time for the fulfilment of the outstanding conditions precedent," Bidvest says.
I-Fusion shareholders voted in July in favour of the various steps relating to the deal, which has been valued at between R63.3 million and R135 million, depending on I-Fusion`s earnings and arrears.
The I-Fusion share was trading at 96c this morning, having lost 2c from Tuesday`s close, while the Bidvest share price was unchanged at 4 860c.
Related stories:
I-Fusion gets shareholder nod for Bidvest deal
Positive prospects: I-Fusion in agreement with Bidvest
Bisvest acquires 60% of I-Fusion after dismal year
Share
