Nedcor’s offer to NIB minority shareholders

Nedcor’s offer to NIB minority shareholders Banking group Nedcor has announced its offer price to acquire the interests of minority shareholders in its subsidiary, Nedcor Investment Bank Holdings Ltd (NIB).

NIB’s minority shareholders will receive one Nedcor ordinary share for every 33 NIB ordinary shares held.

At Nedcor’s closing price on the 12th August of R114,98, this values each NIB share at R3.48.

Using the Nedcor share price of R129 on 19 April 2002 (the last trading day before Nedcor announced its intention to make an offer to minorities), this values each NIB share at R3,91 representing a 50% premium to NIB’s closing price of R2,61 on that day.

Irrevocable undertakings to vote in favour of the offer have already been obtained from shareholders totalling 39% of the minority holding.

Deutsche Securities, the independent financial adviser to the NIB board, has considered the terms of the offer and are of the opinion that they are fair and reasonable to minority shareholders. The NIB board is also of the opinion that the offer is fair and reasonable.

Nedcor’s offer to buy NIB minorities forms part of a wider restructuring of the group in the wake of the merger with BoE Ltd.

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories


Subscribers only

How lottery execs received dubious payments through a private company

The National Lottery Commission is being investigated by the SIU for alleged corruption and maladministration, including suspicious payments made to senior NLC employees between 2016 and 2017

Pandemic hobbles learners’ futures

South African schools have yet to open for the 2021 academic year and experts are sounding the alarm over lost learning time, especially in the crucial grades one and 12

More top stories

Zuma, Zondo play the waiting game

The former president says he will talk once the courts have ruled, but the head of the state capture inquiry appears resigned to letting the clock run out as the commission's deadline nears

Disinformation harms health and democracy

Conspiracy theorists abuse emotive topics to suck the air out of legitimate debate and further their own sinister agendas

Uganda: ‘I have never seen this much tear-gas in an...

Counting was slow across Uganda as a result of the internet shutdown, which affected some of the biometric machines used to validate voter registrations.

No way out for Thales in arms deal case, court...

The arms manufacturer has argued that there was no evidence to show that it was aware of hundreds of indirect payments to Jacob Zuma, but the court was not convinced.

press releases

Loading latest Press Releases…