Johannesburg - A preferred bidder has been selected for the disposal of Masonite, the listed softboard and hardboard producer that was placed into the business rescue process in December.
Masonite and the business rescue practitioner said on Friday that they believed the selected preferred bidder’s proposal presented the most attractive proposal for all of Masonite’s stakeholders and was expected to result in the continued operation of both divisions. They confirmed a number of attractive binding offers were received for Masonite.
Read: Masonite: Extension to rescue plan agreed
This followed the appointment of the corporate finance division of Investec Bank in February as the transaction advisor for the potential disposal of Masonite or parts of the business.
Many factors were considered as part of a rigorous process to select the preferred bidder, including the value offered, certainty of funding, the conditionality and likely timing of implementation, among others, they said.
Earlier on Friday it was reported that Masonite creditors had voted unanimously in favour of an application by the business rescue practitioner for a second extension of time to publish the business rescue plan.
The plan must now be published on or before May 27.
BUSINESS REPORT