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RDC’s bid for PrimeTime flops

 Watching the market: The BSE probes RDC’s bid and gave it the green light
 PIC MORERI SEJAKGOMO
Watching the market: The BSE probes RDC’s bid and gave it the green light PIC MORERI SEJAKGOMO

RDC Properties has given up its year-long pursuit of property sector rival, PrimeTime, after its hostile takeover bid failed to secure the shareholder buy-in it sought.

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.

Editor's Comment
Warm relations must not come at the expense of fair trade

“I believe that free but fair trade isan absolute imperative”– John E. JamesFor two countries bound by geography, history and deep economic ties, periods of diplomatic strain serve neither side well. President Duma Boko’s efforts to restore momentum to relations with Pretoria deserve recognition, particularly at a time when Southern Africa faces shared challenges ranging from sluggish economic growth and unemployment to energy security...

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