Board of South Africa's PPC rejects Fairfax offer

Helios Fairfax Partners

22/11/2017 11:51

JOHANNESBURG, Nov 22 (Reuters) - South African cement 
producer PPC  PPCJ.J  said on Wednesday its independent board 
would not recommend Canadian firm Fairfax Africa Investments' 
 FAHu.TO  partial offer to shareholders, considering it neither 
"fair" nor "reasonable". 
    In September, Fairfax offered to buy 22 percent of PPC for 
5.75 rand per share, or 2 billion rand ($144 million), on 
condition that PPC accepted a merger proposal with rival AfriSam 
 AFRSMV.UL .  urn:newsml:reuters.com:*:nL8N1LL2M7  
    "The Independent Expert, having considered two possible 
outcomes of the proposed merger, is of the opinion that the 
partial offer, both in the context of the proposed merger as 
well as on a stand-alone basis, is not fair and reasonable," it 
said in a statement. 
    ($1 = 13.9172 rand) 
 
 (Reporting by Nqobile Dludla; Editing by Mark Potter) 
 ((nqobile.dludla@thomsonreuters.com; +27117753126; Reuters 
Messaging: nqobile.dludla.thomsonreuters.com@reuters.net)) 
 
Keywords: PPC M&A/AFRISAM FAIRFAX AFRICA