RDC’s bid for PrimeTime flops

RDC Properties closed an initial offer to PrimeTime shareholders on August 1 and this week announced that those who expressed interest in participating were less than the 44% equity stake it was seeking in the rival firm.

“As of the initial closing date acceptances received were not sufficient to enable the company to acquire at least 44% of the linked units of PrimeTime in issue, and, as a result, the condition set out in the Offeror Circular in this regard has not been fulfilled. “Unitholders of RDC and PrimeTime are advised that the offer is terminated and will not be implemented,” RDC directors said on Tuesday.