Just more than 30% of ConvergeNet Holdings' shareholders have accepted a mandatory offer that was launched after control of the company changed hands.
Asset Management bought a controlling stake in ConvergeNet, and said it aimed to oust several directors, including CEO Pieter Bouwer.
The purchase of the majority stake led to minority shareholders being offered 26c a share to sell their holdings. In total, the consortium now has control over 60% of the vote.
Yesterday, the JSE issued a shareholder announcement in which it said shareholders owning 57 million shares, or 30.9%, accepted the deal.
The voting excluded consortium members, shareholders who had provided irrevocable undertakings not to accept the mandatory offer, and ConvergeNet and its subsidiaries.
The mandatory offer resulted in an increase in the collective shareholding in ConvergeNet controlled by the offeror to 48.93%, which excludes a consortium partner that could not be considered as it did not underwrite the bid.
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