FRIDAY, 11.30AM:
IT has emerged that US-based Dow chemical Company mopped up batches of Sentrachem shares on the open market before announcing its offer this week to buy the local chemicals group for R10,50 a share.
It is also believed that SBC Warburg, which is advising Dow on the deal, brokered a sale of 2,3-million Sentrachem shares to a foreigner on Wednesday. SBC has refused to comment.
Sankorp, which holds 38,74% of Sentrachem, earlier this week said it had accepted the Dow offer and urged all shareholders to do the same. Sentrachem’s bpoard met on Thursday to discuss whether to recommend that minority shareholders take up the offer.
It is understood that SBC is preparing a detailed final offer for presentation on Monday.