In December, the company said a consortium led by its CEO and founder, David Kan, as well as the Trinitas Private Equity Fund, had put a non-binding offer on the table to buy out shareholders for R5.55.
On Friday, the company said discussions were still under way and shareholders should be cautious when trading stock. Mustek's shares closed at R5.19 on Friday.
Once the transaction has been finalised, Mustek will be de-listed from the JSE. Kan has a controlling stake in the company, with 50% plus one share. Currently, he holds 10%.
In Mustek's December announcement to shareholders, it pointed out that the non-binding expression of interest did not amount to a firm offer and, as a result, the consortium may not make a firm offer. This would depend on the outcome of the due diligence process.
Kan previously said he hopes to have the deal wrapped up by mid-year.
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