The Board of Lonrho (LONR.L) and the Board of FS Africa announced they have reached agreement on the terms of a recommended cash offer by FS Africa for the entire issued and to be issued share capital of Lonrho. Lonrho shareholders will be entitled to receive 10.25 pence in cash for each Lonrho share. The transaction values Lonrho's issued and to be issued share capital on a fully diluted basis at approximately 174.5 million pounds.
The Lonrho Directors recommended that shareholders vote in favour of the Scheme as the Lonrho Directors have irrevocably undertaken to do in respect of their entire beneficial holdings of 4,633,197 Lonrho shares in aggregate and representing approximately 0.28% of Lonrho's issued share capital. In addition, certain investors have given irrevocable undertakings to FS Africa to vote in favour of the Scheme in respect of, in aggregate, 293,384,604 Lonrho shares representing approximately 17.74% of Lonrho's issued share capital.
Currently, FS Africa together with certain parties acting in concert with it, holds or is otherwise interested in 330,253,282 Lonrho shares representing approximately 19.97% of Lonrho's issued share capital.
FS Africa said it intends to enter into discussions with senior management of Lonrho regarding their role and potential continuing involvement in the on-going business of Lonrho.
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