The bidding for JSE-listed Softline appears to be over, with the Ferrer consortium deciding not to make a higher offer than the R2 tabled by UK-based Sage Group.
Sage made its firm offer to buy Softline's shares at R2 each early this month, topping the only other firm offer on the table, the R1.30 per share offer made by a Softline management consortium.
Softline's non-executive directors announced shortly afterwards that they had decided to accept Sage's offer.
A consortium comprising Dutch company Exact Holding and Pastel founder Ivan Ferrer had indicated earlier that it was considering a R1.45 offer. Shareholders have been waiting to see whether that consortium would top Sage's bid.
But the Ferrer consortium has published an announcement saying that "after due consideration, the consortium has determined that it will not at this stage make a firm offer for the business of Softline at a price greater than the R2 per share offer made by Sage".
However, the consortium, which owns about 16.7% of Softline, has sent a letter to the Softline board saying it reserves its right to submit an offer in the event that the Sage offer is amended or fails.
The Softline share lost 8c or 4% this morning to trade at 190c.
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