Industrial technology group Set Point Technology Holdings (Sethold) has decided not to sell off its business units individually.
The company told shareholders earlier this month that it might be bought out, sending its shares rocketing. However, after consulting with shareholders holding over 50% of its shares, it has decided to "decline offers received for individual business units and divisions".
"Sethold will continue to be run as a group and the critical mass of each of its three divisions maintained."
However, discussions are under way with several parties, which may result in an offer for all the shares in the company.
In addition, the company says the discussions may result in a black economic empowerment transaction. "The price levels being discussed represent premiums to the current price at which Sethold's share are trading on the JSE."
Earlier this month, Sethold said it had received expressions of interest from various parties to acquire certain of its divisions, a material shareholding, or the entire issued shares.
Sethold's shares surged on the news, gaining almost 26%, to trade at 68c, as almost four million shares changed hands before 12.30pm on the day of the news. The company's shares closed at 69c, after reaching an intra-day high of 70c.
In early morning trade today, Sethold's shares were up 4.35% and trading at 72c.
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