Softline's non-executive directors have decided to accept UK-based Sage Group's offer to buy the company.
The group put out a statement on the JSE's SENS news service late this morning saying that the non-executive board members are also recommending that shareholders seriously consider voting in favour of the deal.
Sage's offer, which values Softline at R783.83 million, would see Softline shareholders receive R2 for every share they own.
Softline says despite requests to commit to a firm offer by yesterday morning, the other consortium bidding for the group, Exact Holding and Ivan Ferrer, failed to do so.
"In the circumstances, it is in the best interests of the company and its shareholders to dispose of its undertaking on the most favourable terms possible," the non-executives say.
The decision appears to confirm that the Softline management consortium which made the first offer of R1.30 a share is not going to make a higher offer.
However, Sage's offer does include a clause allowing Softline to withdraw any acceptance of the offer in the event that a higher offer is received.
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