Exchange-Listed Companies
BSE-listed Indian pharmaceutical company Natco Pharma intends to acquire the Adcock Ingram shares not currently held by majority shareholder Bidvest. Minorities holding the 34.85% stake which Natco Pharma has its eye on, have been offered a cash consideration of R75.00 for each share – a 43.7% premium to the closing price on the 21 July (pre-cautionary date), and 49.6% to the 30-day VWAP. Natco Pharma which currently holds 0.90% of the issued share capital of Adcock, in partnership with Bidvest (which holds a 64.25% stake), intends to delist Adcock which has a small free float with very limited traded liquidity. Adcock listed on the JSE in August of 2008 with a market capitalisation of R5,88 billion – following the announcement the company’s market cap was R9,2 billion. As a private company the parties will seek new revenue streams and opportunities for Adcock to expand its footprint.
As part of its refresh strategy, AfroCentric Investment aims, through the business of Medscheme, to establish and integrated healthcare offering in collaboration with strategic partner Sanlam Life (Sanlam). To this end, its subsidiaries AfroCentric Health and Medscheme have respectively disposed of AfroCentric Distribution Services and Wellworx to Sanlam Life for an aggregate consideration of R2,8 million and R12,2 million. All conditions precedent to the transactions have been fulfilled and are unconditional.
Sibanye-Stillwater has announced it is to acquire the US metals recycler Metallix Refining in a US$82 million cash deal. Metallix, a producer of recycled precious metals from industrial waste streams, complements the miner’s US recycling operations in Montana and Pennsylvania, adding processing capacity, technology and experience.
Having raised R808 million in a capital raise in June this year in preparation for the voluntary bid for MAS shares, Hyprop Investments has announced to shareholders the terms of its offer for a controlling stake. Minorities have the option to sell their shares for R24 in cash up to a total of R800 million or exchange them for Hyprop shares at a swap ratio of 0.42224 Hyprop share for every MAS plc share. The bid remains open until 25 July 2025 – the caveat here is that shareholders must give an irrevocable commitment (in a short space of time) to sell their shares to Hyprop while two options for the business remain on the table. Shareholders must choose between the offer by Hyprop and the plans by Romanian-based real estate developer Prime Kapital to get MAS to sell of all its assets over five years and return to shareholders the proceeds via special dividends.
This week Vodacom and Remgro faced the Competition Appeals Court on their R13 billion fibre merger first announced in November 2021. Due to the length of time since its first announcement, there has, understandably been several amendments to the original transaction. Vodacom will, under the revised terms contribute its FTTH and FTTB assets plus transmission assets (valued at R4,9 billion) in exchange for shares in Maziv. In addition, Vodacom will subscribe for new shares in Maziv for R6,1 billion in cash and additional shares to the value of c.R2,5 billion from Remgro subsidiary CIVH to increase the shareholding in Maziv to 30%. If Maziv declares a dividend, the R2,5 billion will reduce to R1,3 billion. In addition, post 2021 Maziv acquired a 49.96% stake in Hero Telecoms which will require Vodacom to subscribe for additional new shares in Maziv as consideration for its 30% stake of the Maziv stake in Herotel – for R0,6 billion in cash. Further to this, Vodacom’s option to increase its investment in Maziv (originally for an additional 10%) is now for up to 4.95%. Should the option be exercised, Vodacom will own 34.95% of Maziv.
4Sight has entered into a related party acquisition agreement to acquire the properties leased by the group on Clifton Avenue, Lyttelton Manor in Centurion for R21,66 million.
In a cautionary announcement Metrofile has detailed that it is talks with WndrCo, a multi-stake technology investment firm based in the US. The potential transaction would see Metrofile acquired by a special purpose vehicle Main Street 2093. Talks are at an advanced stage with further announcements to be made in due course.
Quantum Foods has advised shareholders that it has been notified by shareholders Country Bird and Braemar Trading, that the two parties have entered into an agreement to grant each other the right of first refusal to acquire each other’s shares. If either party exercises its right, they will hold 47.54% of the total Quantum shares in issue, which would trigger an offer to minorities. However, the parties have indicated that, at this stage, they have no intention to make such an offer.
The takeover by French media group Canal+ of MultiChoice has received approval from the Competition Tribunal. The transaction was announced in March 2024 and the implementation structure announced in February this year. The approval marks the final stage in the South African competition process.
Mantengu Mining has received Ministerial Consent, the final condition precedent to the closing of its acquisition of Blue Ridge Platinum, a deal announced in October 2024. Blue Ridge will be consolidated into the Mantengu Group financial statements from 1 August 2025.
In its latest update, Primary Health Properties plc (PHP) says it has received valid acceptances for c.1.18 % of Assura plc shares under the revised offer. Assura shareholders have until 12 August 2025 to accept the offer.
DealMakers is SA’s quarterly M&A publication.
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