PrimeTime, RDC lock horns again on takeover bid

RDC is aiming at securing at least 40% equity in PrimeTime and recently opened a direct offer to shareholders, a move categorised as a 'hostile takeover' as the offer is being made directly to shareholders rather than via board approval.

The offer, which closes on August 22, follows the conclusion of an extended probe by the Botswana Stock Exchange after a tense period last year when PrimeTime accused RDC of, amongst others, weighing its stock down by introducing uncertainty over the takeover. A BSE committee cleared RDC of nearly all accusations and approved the floating of the offer to PrimeTime investors.