Afrimat: Offer to Infrasors minorities lifted

Afrimat had raised its offer to the minorities of basic building materials firm Infrasors from 35c to 65c a share and extended the deadline for acceptance to July 5, the listed mining and industrial minerals group said after the market closed on Thursday. This was a premium to Infrasors’s closing price of 64c on Thursday. Afrimat acquired a 50.4 percent stake in Infrasors from Hanchurch Asset Management and retiring managers of Infrasors in a deal valued at about R32.7 million in March. In the same month Afrimat made a mandatory offer to the remaining shareholders to buy their shares at 35c each, the same price it paid for its initial stake. Infrasors shareholders who have already accepted the initial offer will be paid the increased price in the revised offer. Afrimat lost 2.17 percent to R9 on Friday. Infrasors rose 3c to 67c. – Roy Cokayne