Who’s doing what this week in the South African M&A; space?

Exchange Listed Companies

Intu Properties has advised shareholders that the consortium comprising of The Peel Group, The Olayan Group and Brookfield Property Group, has decided not to make an offer for the share capital of Intu not already held given the uncertainty around the current macroeconomic conditions and the potential near-term volatility across markets.
Capitec Bank advised shareholders that its 3,2 rand billion offer for Mercantile Bank has been accepted. Mercantile was offered for sale by its shareholder Caixa Genral de Depsitos, a Portuguese bank, because it is divesting from none-core operations outside of Portugal as part of its recapitalisation plan.
Verimark has informed shareholders that the Van Straaten Family Trust (VFT), via a special purpose vehicle, has received a firm intention offer to acquire all the ordinary shares (29, 508,033) in Verimark other than those held by VFT, its concert party, Prime Rentals CC and any subsidiaries of Verimark. The amount payable in terms of the scheme is 1.50 rand per share, valuing the deal at 44,26 rand million. The offer represents a 50% premium to the volume weighted average price of the shares as at the date of the release of the first cautionary in October.
Pepkor has decided not to pursue the acquisition of the credit books currently owned by Cencap but will instead build its own credit books. It will however purchase the insurance products provided by FGI under the brands of Abacus Insurance and Abacus Life. Pepkor will pay Wands Investments 150 rand million.

Unlisted Companies

Mergence , the financial services boutique group is to acquire a 51% stake in BFG International Composites (Africa) for an undisclosed sum. The deal would give BFG Africa a local BEE partner as it sought to expand its infrastructure, mining and automotive transport and architectural footprint on the Africa continent.
Smith Barney Capital , a black-owned investment company is leading a consortium to acquire a majority stake in Genesis Securities, a Johannesburg-based stockbroker which it will rebranded as Khumo Securities.



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