Share price movements in Altech and Altron stock were marginal at the close of the market on Friday, after Altron said its bid to buy Altech had been approved by stockholders.
Altron's stock lost 1.02% - or 20c - to close at R19.50, giving it a market capitalisation of R2 billion at the market's close. On Friday, just before 3pm, the group said Altech minority shareholders voted in favour of a R1.8 billion offer from Altron to buy their stock at R47.50.
Altech, which will be delisted on 20 August, saw its stock gain 0.66%, or 31c, to close at R47.11, taking it to a market capitalisation of R5 billion. The JSE's all share index lost 0.59% on Friday.
The successful buyout bid follows a previous attempt by Altron to bring Altech wholly into the fold. About five years ago, Altron offered R4.8 billion to Altech and Bytes Technology Group minority shareholders to bring both companies into the fold.
However, Altech minorities voted against that deal, although it resulted in Bytes being bought out by Altron.
Altron will take its ownership of Altech, its biggest revenue contributor, from 61% to 100%.
Altron aims to remove overlaps between Bytes and Altech, build on its convergence strategy, and provide investors with a single entry point.
Since 2001, Altron has brought partly-owned subsidiaries back into the fold, reducing the amount of companies from 10 to two.
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