Idion Technology Holdings, which is at the centre of a hostile takeover bid by Canadian company DataMirror, has made its first announcement since the takeover was launched yesterday.
The company has named a committee made up of its non-executive directors to appoint independent advisers.
The advisers will "assess and advise on the offer within 14 days of receipt of the offer document and to communicate the substance of such advice to shareholders in a form and manner approved by the Securities Regulation Panel", it says.
The statement was released on the JSE`s SENS news service this afternoon. Idion corporate communications director Corn'e Arnold says the brief announcement is part of the regulatory process.
"We haven`t received a formal offer yet," she says. A formal offer is expected to be sent to all shareholders on or around Friday.
"We have been advised to look at the formal offer and assess that before making further announcements," Arnold adds.
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