logo
Share SHARE
FONT-SIZE Plus   Neg

Lonrho, FS Africa Boards Agree On Terms Of Cash Offer - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Hollywood is spending more than ever to produce movies, with new technology and computer graphics imaging (CGI) bringing superheroes to life. Directors constantly one-up one another with special effects, while actors like Johnny Depp or Tobey Maguire are demanding beaucoup bucks to reprise their... Sluggish sales of video games have forced GameStop to take a decision to close around 150 retail locations. Digital downloads and competition from rivals are said to be the reason for shut down. The company operates around 6600 stores worldwide and has not revealed the list of shops to be closed. According to reports GameStop is planning the closure of up to 3 percent of their shops. After coming under fire for its decision to bar two teenage girls from boarding a flight on Sunday morning, United Airlines has defended its action. The two teenage girls were prevented by a gate agent on Sunday morning from boarding a United Airlines flight from Denver to Minneapolis as they were wearing leggings that were deemed as improper attire.
comments powered by Disqus
Follow RTT