Investec agreed to purchase the remaining 53% stake of Rensburg Sheppards that it does not already own.
On March 30, 2010, Investec plc (“Investec”), an Anglo-South African financial services group, announced an agreement to purchase the remaining 53% stake of Rensburg Sheppards plc (“Rensburg”), a U.K. fund manager, that it does not already own. Prior to the announcement, Investec’s Board of Directors and Rensburg’s Directors reached an agreement on the terms of the stock for stock acquisition. Investec’s offer (1.63 new Investec shares for each Rensburg share) is a 48% premium over Rensburg’s March 29th closing share price. The offer values Rensburg’s share capital at $618.6 million. The acquisition will require the approval of the Rensburg shareholders and various court approvals, all of which are expected to be obtained prior to the end of June.
To view the Rensburg Offer or for more information, please click here.